Crude Oil - Oct 13, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices kept lower trading range below $40 on Tuesday. MCX Crude oil October futures were trading around half a percent up to Rs. 2905 by noon session.

Earlier, Crude oil prices declined on return of supply from Gulf of Mexico post Hurricane Delta and end of strike in Norway. Prices gained on US stimulus hopes after White house claimed that US senate will support President Donald Trump's new proposed legislation.

We expect crude oil prices to trade sideways to up with support at $38 and resistance at $41. MCX Crude oil October has support at Rs.2850, resistance at Rs.2990.

Source : Equity Bulls

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