Crude Oil - April 30, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities)

Crude oil prices rallied for the second day in a trot with NYMEX WTI Crude oil gained by nearly 13% to $17 on Thursday. Crude oil futures prices at MCX for May contract were trading up by more than 11% to Rs.1320 by noon session.

Crude oil prices continued upside after US weekly crude oil inventories rose less than expected by 9 mb against expectations of 11.2 mb.

The expectations of demand recovery in oil refined products from China and ease of supply glut in US supported Crude oil prices to trade firm.

We expect oil prices to trade higher in short term with resistance at $20. MCX Crude oil May futures has support at Rs. 1100 with resistance at Rs. 1500.

Source : Equity Bulls

Keywords