Crude Oil - Sep 15, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded firm with NYMEX WTI Crude oil prices rose by 0.50% to $37.48 on Tuesday. MCX Crude oil September futures traded higher to Rs. 2761 by noon session.

Crude oil prices have kept lower trading range on lower demand concerns and fear of supply overhang. Crude oil prices got some support on Hurricane threat in Gulf of Mexico over possible supply disruption. The IEA has trimmed oil demand outlook for 2020 which may keep upside limited in the prices for the day.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2690 with resistance at Rs.2810.

Source : Equity Bulls

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