Crude Oil - July 2, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude Oil prices traded higher with NYMEX WTI Crude oil prices kept the firm trading near $40 per barrel on Thursday. Crude oil futures prices at MCX for July contract traded marginally down to Rs. 2990 by noon session pressured by stronger rupee.

Crude oil prices managed to trade above $40 on bullish weekly inventory data and risk on sentiments on vaccine hopes. The US department of energy data showed that weekly crude oil inventories fell by 7.2 mb during last week. The announcement of successful human trials from Pfizer also boosted investment sentiments for riskier assets.

We expect oil prices to trade sideways to up for the day with support at $38 and resistance at $42. MCX Crude oil July futures has support at Rs. 2920 with resistance at Rs.3080.

Source : Equity Bulls

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