Crude Oil - Aug 26, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded flat with NYMEX WTI Crude oil prices kept the firm trading range above $43 on Wednesday. MCX Crude oil September futures were trading marginal up to Rs. 3232 by noon session.

Crude oil prices rallied on Tuesday as US Gulf coast refineries and offshore operating facilities are bracing for impact from Hurricane Laura. The Hurricane threat has shut around 84% of operations in the Gulf of Mexico. Hurricane Laura poses the region's biggest storm threat since Hurricane Katrina in 2005, which caused a 90% shutdown.

We expect oil prices to trade sideways to up for the day with support at $42 and resistance at $45 MCX Crude oil September futures has support at Rs. 3150 with resistance at Rs.3310.

Source : Equity Bulls

Keywords