Crude Oil - July 23, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rise by nearly 1%, traded above $42 on Thursday. At MCX, Crude oil August futures were trading up by 1% to Rs. 3168 by noon session.

Crude oil prices traded higher despite a bearish weekly inventory data. The stimulus hopes and weaker dollar index supported crude oil prices with overall gain in the commodity complex. The weekly US stockpiled rose by 4.9 mb against expectations of decline of 2.5 mb. The rising death toll in the US and heightened US - China tensions may limit upside in oil prices at $43.

We expect oil prices to trade up for the day with support at $40 and resistance at $43. MCX Crude oil August futures has support at Rs. 3080 with resistance at Rs.3210.

Source : Equity Bulls

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