Crude Oil - April 29, 2020 - HDFC Securities

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

Crude oil prices traded higher on Wednesday with NYMEX WTI Crude oil rallied by nearly 15% to $14.20 while Crude oil futures prices at MCX for May contract gained by 10% to Rs.1106 by noon session.

Crude oil prices recovered after US API data showed that crude oil stockpiles rose less than expected. The same can be reflected today when US department of energy will release its weekly inventory data where stockpiles are expected to rise by 11.2 mb against previous rise of 15 mb.

We expect prices to trade positive on expectations of demand recovery with some of the counties may ease lockdown measures. MCX Crude oil May futures has support at Rs. 950 with resistance at Rs. 1300.

Source : Equity Bulls

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