Crude Oil - Oct 14, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices kept lower trading range near $40 on Wednesday. MCX Crude oil October futures were trading nearly 1% down to Rs. 2933 by noon session.

Crude oil prices traded under pressure on fading US stimulus hopes, demand growth worries and surge in virus cases. The fear of lockdown measures in Europe has raised demand growth concerns in oil market. The stalled progress over US stimulus also added pressure on oil prices.

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.2850, resistance at Rs.2990.

Source : Equity Bulls

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