Crude Oil - August 7, 2020 - Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Crude oil prices held steady range with NYMEX WTI Crude oil prices traded marginal down to below $42 on Friday. MCX Crude oil August futures were trading half a percent down to Rs. 3135 by noon session.

The slower economic recovery and expectation of higher supply from OPEC plus nations has kept upside limited in oil prices. The US China trade tensions and uncertainty over the coronavirus package has also pressured oil prices to trade down despite stronger equity indices.

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. 3080 with resistance at Rs.3180.

Source : Equity Bulls

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