Crude Oil - Oct 8, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by more than 1% to $40.40 on Thursday. MCX Crude oil October futures were trading 1.50% up to Rs. 2960 by noon session.

Crude oil prices recovered on renewed stimulus hopes and supply disruption fears. Crude oil prices traded higher as Hurricane Delta approached US Gulf of Mexico which has halted oil output of 1.5 mb per day.

We expect crude oil prices to trade sideways to up with support at $39 and resistance at $42. MCX Crude oil October has support at Rs. 2910, resistance at Rs. 3020.

Source : Equity Bulls

Keywords