Crude Oil - May 6, 2020 - HDFC Securities

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

Crude oil prices traded steady on Wednesday as NYMEX WTI Crude oil traded near $25. Crude oil futures prices at MCX for May contract was trading up by 3% to Rs.1925 by noon session.

Crude oil prices held steady trading range on expectations of rise in weekly crude oil and product inventories.

The output cut from OPEC plus nations and reopening of lockdown in several nations may support crude oil prices to trade firm.

We expect oil prices to witness resistance near $27 and support at $22. MCX Crude oil May futures has support at Rs. 1700 with resistance at Rs.2100.

Source : Equity Bulls

Keywords