Crude Oil - June 4, 2020 - HDFC Securities

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

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by more than 1% to $36.60 on Thursday. Crude oil futures prices at MCX for June contract traded marginal down to Rs.2773 by noon session.

Crude oil prices gave up the gains on uncertainties over extension of output cut deal from OPEC plus nations. The OPEC and other members are struggling to get a common consent to extend the output cut. However, Saudi Arabia and Russia has agreed to extend output cuts in July.

Crude oil prices declined on bearish weekly inventory data with rise in product inventories.

We expect oil prices to trade lower for the day with support at $34 and resistance at $38. MCX Crude oil June futures has support at Rs. 2710 with resistance at Rs.2830.

Source : Equity Bulls

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