Crude Oil - June 5, 2020 - HDFC Securities

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

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by more than 1% to $38 on Friday. Crude oil futures prices at MCX for the June contract gained by 2% to Rs.2882 by noon session.

Crude oil prices resumed uptrend after OPEC plus nations re-scheduled the meeting on Saturday to discuss output cut extension. The OPEC and other members are struggling to get a common consent to extend the output cut.

The ease of lockdown measures has improved fuel demand outlook which has supported oil prices to trade higher in recent weeks.

We expect oil prices to trade higher for the day with support at $36 and resistance at $38/40. MCX Crude oil June futures has support at Rs. 2810 with resistance at Rs.2930/2980.

Source : Equity Bulls

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