Crude Oil - Oct 9, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose to $41 on Friday. MCX Crude oil October futures were trading steady to Rs. 3025 by noon session.

Crude oil prices rallied on supply disruption fears on strike in Norway and output shut ahead of Hurricane impact in Gulf of Mexico. The strike in Norway may slash around 25% of oil output from producers while Hurricane Delta in Gulf of Mexico may impact the 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.2970, resistance at Rs.3090.

Source : Equity Bulls

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