Crude Oil - Sep 4, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices traded above $41 on Friday. MCX Crude oil September futures were trading marginal up to Rs. 3049 by noon session.

Crude oil prices have kept the lower trading range on demand concerns over lower refinery runs and expectations of slower imports from China. Crude oil prices traded weak as refineries begin seasonal maintenance which may lower demand for crude oil.

We expect oil prices to trade sideways to up for the day with MCX Crude oil September futures has support at Rs. 2990 with resistance at Rs.3090.

Source : Equity Bulls

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