February 21, 2024 / 09:25 AM IST
Sensex Today | Rahul Kalantri, VP Commodities, Mehta Equities
Crude oil exhibited significant volatility, once again plunging amid concerns over demand and increased U.S. oil inventories. Nevertheless, support emerged from China’s 5-year prime loan rate cuts and profit-taking in the dollar index, which helped stabilize crude oil prices at lower levels. Additionally, escalating conflict in the Red Sea, following an attack on an oil tanker by Houthi forces on Monday, contributed to market unease. The market is exhibiting caution ahead of the release of the FOMC meeting minutes.
We anticipate continued volatility in today’s crude oil trading session, with support levels expected at $76.50–75.90 and resistance at $78.10-78.90. In terms of the INR, crude oil has support at Rs 6,360-6,290 and resistance at Rs 6,510-6,590.
