Crude Oil - Oct 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded down with NYMEX WTI Crude oil prices fell by 0.40% to $37 on Thursday. MCX Crude oil November futures were trading down to Rs. 2962 by noon session in line with weak global oil prices.

Crude oil prices declined on oversupply concerns and demand growth worries with rise in US oil output. Crude oil prices got some support on supply disruption fears from Hurricane Zeta in Gulf of Mexico.

We expect crude oil prices to trade sideways to down with support at $36 and resistance at $39. MCX Crude oil November has support at Rs.2720, resistance at Rs.2830.

Source : Equity Bulls

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