Crude Oil - Sep 14, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded under pressure with NYMEX WTI Crude oil prices fell to $37 trading half a percent down on Monday. MCX Crude oil September futures traded down by nearly 0.30% to Rs. 2734 by noon session.

Crude oil prices continued downside on lower demand concerns and fear of supply overhang. Crude oil prices traded under pressure on fear of storage overhang as Crude oil traders signed up for super tankers for long charters. Crude oil prices may get some support on Hurricane threat in Gulf of Mexico over possible supply disruption.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2670 with resistance at Rs.2790.

Source : Equity Bulls

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