Crude Oil - June 22, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude Oil prices traded under pressure with NYMEX WTI Crude oil prices kept range bound trading near $40 on Monday. Crude oil futures prices at MCX for the July contract were trading marginally down to Rs.3044 by noon session.

Crude oil prices witnessed selling pressure as the rise in virus cases in Beijing, US and South America raised concerns over fuel demand recovery. The WHO reported a record number of cases on Sunday which outweighed the supply cut effect of OPEC plus nations.

We expect oil prices to trade sideways to down for the day with support at $38 and resistance at $42. MCX Crude oil July futures has support at Rs. 2950 with resistance at Rs.3090.

Source : Equity Bulls

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