Crude Oil - June 17, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded marginally up with NYMEX WTI Crude oil prices gained by 0.80% to $38.70 on Wednesday. Crude oil futures prices at MCX for the June contract were trading at Rs.2944 by noon session.

Crude oil prices traded weak in the opening trade on Wednesday on expectations of bearish weekly inventory data. The API report on Tuesday showed that crude oil stockpiles rose by 3.9 mb against expectations of decline of 0.15 mb. Crude oil prices are trading firm on improved demand outlook after the IEA raised the demand forecast for 2020 to 91.72 mb per day.

We expect oil prices to trade sideways to up for the day with support at $37 and resistance at $40. MCX Crude oil June futures has support at Rs. 2800 with resistance at Rs.3010.

Source : Equity Bulls

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