Crude Oil - May 20, 2020 - HDFC Securities

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

Crude oil prices traded steady on Wednesday with NYMEX WTI Crude oil traded flat to $32. Crude oil futures prices at MCX for June contract are trading up by 1% to Rs.2440 by noon session reflecting overnight gains in WTI prices.

Crude oil prices gained on positive global cues with rise in equity indices on vaccine hopes and signs of demand recovery.

The output cut effects and opening of lockdowns in several countries will lift fuel and industrial demand for oil gradually.

We expect oil prices to trade higher with support at $30 and resistance at $34. MCX Crude oil June futures has support at Rs. 2330 with resistance at Rs.2510.

Source : Equity Bulls

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