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Crude Oil - Oct 23, 2020 - Reliance Securities

Posted On: 2020-10-23 08:44:21 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices were steady but remained choppy this Friday afternoon trade in Asia.

Surging coronavirus cases in the United States and Europe raise concerns about demand while rising Libyan output kept upside capped.

However, downside was capped after Russian President Vladimir Putin said that Moscow may not not rule out extending OPEC+ oil output cuts if market conditions warranted.

Technically, NYMEX WTI Crude Oil bounced back from the 50-DMA at $39.80 levels, but found resistance close to $42.00, indicating a sideways momentum where prices could trade in a range of $39.70-$41.30 levels.

Domestic crude is trading with small cuts this Friday afternoon, tracking weak overseas prices.

Technically, MCX Crude Oil November yesterday took a support of 2925 where it bounced back above 3000 levels. However it is trading below these levels which signifies a range bound move in a range of 2920-3010 levels in the coming session.


Source: Equity Bulls

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