Crude Oil - October 9, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices eased from the highs of the session on Friday afternoon trade in Asia as investors booked profits after this week's rally.

Prices rose initially on the risk that supplies from Norway could be cut by up to 25% due to a strike by oil workers.

Meanwhile markets also found support initially after the Gulf Coast will be bracing for the impact of Hurricane Delta which could cut output by almost .5 million barrels per day.

Prices could remain range bound for the rest of the session this Friday.

Technically, NYMEX WTI Crude Oil continues its bullish trend where also it has given a breakout above 50-Daily Moving Average indicating for positive breath in the counter. Resistance is at $42.15-$44.37 levels. Support is at $40.60-$39.40 levels.

Domestic prices on MCX are trading marginally weak this Friday afternoon trade, tracking weak overseas prices.

Technically, MCX Crude Oil October retreated from 3020 levels which is 50-Days Moving Average above which could see a positive trend to continue upto 3088-3109 levels. Support is at 2960-2920 levels.

Source : Equity Bulls

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