Crude Oil - August 12, 2020 - Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Crude oil prices traded mixed with NYMEX WTI Crude oil prices traded firm near $42 on Wednesday. MCX Crude oil August futures were up to to Rs. 3160 by noon session.

Crude oil prices traded positive after the American Petroleum Institute said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts' expectations of a 2.9 million-barrel draw. Prices also got support from positive global cues from Russia vaccine announcement.

We expect oil prices to trade sideways to 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.3190.

Source : Equity Bulls

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