Crude Oil - Sep 21, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by nearly 2% to $40.60 on Monday. MCX Crude oil September futures traded down to Rs. 2960 by noon session.

Crude oil prices declined on lift of oil blockade in Libya which has retuned Libyan output back to the market. Workers at Libya's major Sharara field have restarted operations after National Oil Corporation announced a partial lifting of force majeure.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2890 with resistance at Rs.3040.

Source : Equity Bulls

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