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

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by nearly 0.80% to $41 on Thursday. MCX Crude oil September futures were trading down by 1% to Rs. 3028 by noon session.

Crude oil prices traded down despite bullish weekly inventory data on lower demand amid slower refinery run rates. The weekly oil stockpiles fell by 9.3 mb last week. Due to shutdowns ahead of Hurricane Laura, U.S. refinery utilization rates fell by 5.3 percentage points to 76.7% of total capacity.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2970 with resistance at Rs.3090.

Source : Equity Bulls

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