Crude Oil - April 28, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices declined for the second day of the week with NYMEX WTI Crude oil fell by nearly 20% to $10.30 while Crude oil futures prices at MCX for May contract reported bigger fall of 24% by the noon trade.

Crude oil prices are being haunted by sewlling supplies with world running out of storage capacity. Crude oil demand is at multiyear lows due to stalled world economy on lockdown measures due to COVID19 virus crisis.

We expect prices trade under pressure for short term in absence of demand recovery. MCX Crude oil May futures may trade lower with support at Rs. 650 with resistance at Rs. 1100.

Source : Equity Bulls

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