Crude Oil - May 8, 2020 - HDFC Securities

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

Crude oil prices traded positive on Friday as NYMEX WTI Crude oil traded near $24 keeping the narrow trading range. Crude oil futures prices at MCX for May contract were trading marginal up to Rs.1840 by noon session.

Crude oil prices traded firm after Saudi Arabia raised its official crude oil selling prices. The decline in dollar index and positive equity indices supported postive trade in crude oil for the day.

The investors and traders are weighing the oversupply worries as storage spaces are filling fast in the world. The output cut from OPEC plus nations and reopening of lockdown in several nations may keep downside limited in oil prices.

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.1950.

Source : Equity Bulls

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