Crude Oil - July 13, 2020 - Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell below $40 a barrel, down by 1.60% for the day. Crude oil futures prices at MCX for the July contract were trading down by nearly 1% to Rs.3002 by noon session.

Crude oil prices traded lower on Monday ahead of the OPEC Joint Ministerial Monitoring Committee meeting this week. The investors and traders are speculating over expectations of ease in supply cut quota. OPEC and Russia are expected to ease their supply cuts to 7.7 mb per day against the current level of 9.7 mb per day as global oil demand has recovered.

We expect oil prices to trade down for the day with support at $37 and resistance at $41. MCX Crude oil July futures has support at Rs. 2860 with resistance at Rs.3080.

Source : Equity Bulls

Keywords