Crude Oil - July 3, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude Oil prices traded weak with NYMEX WTI Crude oil prices fell by 1% to $40 a barrel on Friday. Crude oil futures prices at MCX for the July contract were trading half a percent down to Rs.3009 per barrel by noon session.

Crude oil prices decline on Friday on worries over demand recovery on growing fear of coronavirus resurgence. The US has reported the jump in virus cases by 50000 for the third consecutive day which has raised questions over fuel demand recovery from the top oil consumer.

We expect oil prices to trade sideways to up for the day with support at $38 and resistance at $42. MCX Crude oil July futures has support at Rs. 2920 with resistance at Rs.3080.

Source : Equity Bulls

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