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

Crude oil prices traded higher with NYMEX WTI Crude oil prices traded half a percent up to $42.60 on Monday. MCX Crude oil September futures were trading marginally up to Rs. 3161 by noon session, limiting upside due to sharp rupee appreciation.

Crude oil prices traded higher on fear of supply disruption on possible twin storm effects in the Gulf of Mexico. Almost half of the oil and gas production is shut as the region is bracing for Hurricane Marco and Tropical Storm Laura through the Caribbean and Gulf of Mexico.

We expect oil prices to trade sideways to up for the day with support at $41 and resistance at $43.50 MCX Crude oil September futures has support at Rs. 3120 with resistance at Rs.3250.

Source : Equity Bulls

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