Crude Oil - Sep 24, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by 1% to $39.50 on Thursday. MCX Crude oil October futures were trading down by 0.80% to Rs. 2924 by noon session.

Crude oil prices traded under pressure on demand growth concerns despite of strong compliance on output cut from OPEC plus nations. Crude oil demand is expected to remain weaker over rising virus cases.

We expect crude oil prices to trade sideways to down with support at $38 and resistance at $41. MCX Crude oil October has support at Rs. 2850, resistance at Rs. 2990.

Source : Equity Bulls

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