Crude Oil - Sep 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.31% up to $68.56 per barrel for the day. MCX Crude oil September futures were trading up by 0.76% near Rs. 5052 per barrel by noon session.

Crude oil prices recovered from previous loses as producers in the U.S. Gulf of Mexico are still struggling to restart operations nine days after Hurricane Ida swept through the region with powerful winds and drenching rain. About 79% of U.S. Gulf production remained offline on Tuesday, with 79 production platforms still unoccupied.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil September has support at Rs. 4980, resistance at Rs. 5120.

Source : Equity Bulls

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