Crude Oil - Oct 15, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices traded nearly 1% down to below $40 on Thursday. MCX Crude oil October futures were trading down to Rs. 2978 by noon session in line with weak global oil prices.

Crude oil prices traded under pressure on fading US stimulus hopes, demand growth worries and surge in virus cases. The US API report showed that US crude oil inventories fell by 5.42 mb in last week. Crude oil prices may keep the upper trading range ahead of expectation of bullish weekly inventory data in evening session.

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.2920, resistance at Rs.3040.

Source : Equity Bulls

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