Crude Oil - July 24, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steadied with NYMEX WTI Crude oil prices traded above $41 on Friday. At MCX, Crude oil August futures were trading marginal down to Rs. 3101 by noon session.

Crude oil prices kept the steady trading range on Friday paring some losses made on Thursday. Crude oil prices came under pressure on US-China tensions and worries over rising virus cases. The total coronavirus cases in the U.S. surpassed 4 million, doubling over a span of six weeks, while deaths in California and Florida rose to records on Thursday. Infections in Mexico, Brazil and Hong Kong also continue to climb.

We expect oil prices to trade sideways to down for the day with support at $40 and resistance at $43. MCX Crude oil August futures has support at Rs. 3020 with resistance at Rs.3180.

Source : Equity Bulls

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