Crude Oil - July 20, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by 0.90% to $40.30 on Monday. At MCX, Crude oil August futures were trading down by more than 1% to Rs. 3035 by noon session.

Crude oil prices traded under pressure over worries over rising virus cases. The ease in output cut quota from OPEC also pressured oil prices to trade down. The number of cases of COVID-19 around the world is closing in on 14.5 million and more than 600,000 have died, according to John Hopkins University data.

We expect oil prices to trade down for the day with support at $39 and resistance at $41. MCX Crude oil August futures has support at Rs. 2970 with resistance at Rs.3090.

Source : Equity Bulls

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