Crude Oil - July 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded positive with NYMEX WTI Crude oil prices rose by nearly 1% on Wednesday. At MCX, Crude oil August futures were trading higher to Rs. 3103 by noon session.

Crude oil prices witnessed recovery after falling by more than 1% on Tuesday. Crude oil prices traded up after US API data showed that weekly oil stockpiles fell by 6.8 mb versus expectations of hike of 0.35 mb. The demand growth concerns amid slower economic growth and ample supplies have limited the upside till $43.

We expect oil prices to trade sideways to up for the day with support at $40 and resistance at $43. MCX Crude oil August futures has support at Rs. 3040 with resistance at Rs.3180.