Crude Oil - Aug 25, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded mixed with NYMEX WTI Crude oil prices held grounds to $42.60 on Tuesday keeping the narrow trading range. MCX Crude oil September futures were trading marginal up to Rs. 3168 by noon session limiting downside due to rupee depreciation.

Crude oil prices pared previous gains on Tuesday witnessing selling pressure on rising coronavirus cases on demand recovery concerns. The U.S. Gulf Coast oil refineries shut 82% of the area's offshore crude oil output as twin storms are heading into the Gulf of Mexico.

We expect oil prices to trade sideways to up for the day with support at $41 and resistance at $43.50 MCX Crude oil September futures has support at Rs. 3120 with resistance at Rs.3250.

Source : Equity Bulls

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