Crude Oil - Aug 18, 2020 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices traded near $43 on Tuesday. MCX Crude oil August futures were trading up by nearly half a percent to Rs. 3209 by noon session.

Crude oil prices traded positive on China's plans to ship in large volumes of U.S. crude in August and September. The rise in crude oil import volume from China will boost investment sentiments with signs of economic recovery. The expectation of stricter compliance from OPEC plus nations will boost sentiments in crude oil investment.

We expect oil prices to trade sideways to up for the day with support at $40 and resistance at $44. MCX Crude oil August futures has support at Rs. 3140 with resistance at Rs.3240.

Source : Equity Bulls

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