Crude Oil - Sep 22, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded firm with NYMEX WTI Crude oil prices rose to $39.74 on Tuesday. MCX Crude oil October futures rallied by more than 1% to Rs. 2929 by noon session.

Crude oil prices witnessed marginal recovery on Tuesday after falling by 4% in previous session. Crude oil prices may trade under pressure on demand growth concerns and resume of supply from Libya. The rising virus cases has increased fear of lockdown measures after UK announced lockdown 21 days.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2870 with resistance at Rs.2990.

Source : Equity Bulls

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