Crude Oil - April 27, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices continued downstreak with NYMEX WTI Crude oil fell by nearly 13% to $14.70 on Monday. ICE Brent oil also witnessed selling with prices falling by more than 4%. Crude oil futures prices at MCX for May contract losses 16% by the noon trade.

Crude oil prices across the globe are in downtrend on higher supply pressure on swelling inventories. Crude oil demand is at multiyear lows due to stalled world economy.

Global trading hubs are running out of storage options which may continue the selling pressure on crude oil prices. MCX Crude oil May futures may seek support near Rs. 900 with resistance at Rs. 1400.

Source : Equity Bulls

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