Crude Oil - July 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steadied with NYMEX WTI Crude oil prices hovered near $41 on Tuesday. At MCX, Crude oil August futures were trading marginal down to Rs. 3110 by noon session.

Crude oil prices have kept the narrow trading range near $41 on mixed global cues. The stimulus hopes and strong equity indices kept downside limited in oil prices. However, the demand growth concerns amid slower economic growth and ample supplies have limited the upside till $43.

We expect oil prices to trade sideways to down for the day with support at $40 and resistance at $43. MCX Crude oil August futures has support at Rs. 3040 with resistance at Rs.3160.

Source : Equity Bulls

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