Crude oil price is expected to remain bearish for the next few trade sessions as OPEC+ countries have agreed to raise supply by 20 lakh barrel per day. Rising concern of thirds wave of Covid-19 is further expected to put breaks on the crude oil price rally in the global commodity markets. According to MCX futures experts, overall outlook for crude oil price is bearish and they advised commodity traders to maintain 'sell on rise' strategy till next trigger. With increment oil supply support, oil prices will be at steadier levels, we opine." At MCX, Re 1 change in crude oil price leads to ₹100 change in one's portfolio as lot size of crude oil at MCX is 100 barrel.

Source: Mint July 22, 2021 09:11 UTC