Crude Oil - 29th Sept 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded down with NYMEX WTI Crude oil prices lost 0.50% traded near $40.38 on Tuesday. MCX Crude oil October futures were trading marginal down to Rs. 2982 by noon session.

Crude oil prices pared early gains on-demand growth concerns despite of US stimulus hopes. Crude oil prices traded weak on oversupply fears as production from Libya and Iraq will come online in near term. Libya's crude production has soared this week, from 100,000 barrels per day (bpd) to 250,000 bpd.

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. 2910, resistance at Rs. 3060.

Source : Equity Bulls

Keywords