Crude Oil - Aug 21, 2020 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices traded half a percent down to $42.60 on Friday. MCX Crude oil September futures were trading down to Rs. 3196 by noon session on weak global prices.

Crude oil prices traded under pressure on dollar recovery and demand growth concerns on Friday. Earlier prices were trading firm as some of the OPEC plus members have curtailed oil output to compensate over production. The OPEC plus nations were focused on ensuring that members who had overproduced against their commitments would cut their output.

We expect oil prices to trade sideways to down for the day with support at $41 and resistance at $43.50 MCX Crude oil September futures has support at Rs. 3150 with resistance at Rs.3270.

Source : Equity Bulls

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