Global fear and escalation of tension could keep crude well supported, at least $74-75 per barrel in The New York Mercantile Exchange (NYMEX), said T Gnanasekar, Director at CommTrendz Research.

"I am cautiously bullish from here as there could be very strong profit taking soon," Gnanasekar told CNBC-TV18.

However, he said that crude still remains a buy on dips.

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First Published:May 17, 2018 5:29 PM IST