Crude Oil - Oct 12, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell to $40, losing 1.40% on Monday. MCX Crude oil October futures were trading down by 1% to Rs. 2931 by noon session.

Crude oil prices declined on Monday paring some gains made in previous week as producers returned to resume oil output in Gulf of Mexico after hurricane Delta passed by. Crude oil prices also traded under pressure on expectation of rise in oil supply from Libya.

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.2830, resistance at Rs.2990.

Source : Equity Bulls

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