Crude Oil - July 14, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices fell by 1% to below $40 per barrel on Tuesday. Crude oil futures prices at MCX for the July contract declined by more than 2% to Rs. 2980 by noon session.

Crude oil prices traded lower on speculation over expectations of ease in output cut quota from OPEC. The OPEC's joint technical committee will meet for two days starting from today to review the oil market situation. Crude oil prices also traded under pressure on weak global cues amid rising tension between US and China along with worries over record virus cases.

We expect oil prices to trade sideways to down for the day with support at $38 and resistance at $41. MCX Crude oil July futures has support at Rs. 2920 with resistance at Rs.3040.

Source : Equity Bulls

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