Crude Oil - Aug 27, 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 Thursday. MCX Crude oil September futures were trading down by nearly 1% on sharp rupee appreciation to Rs. 3202 by noon session.

Crude oil prices are holding firm range as US Gulf coast refineries and offshore operating facilities are bracing for impact from Hurricane Laura. Hurricane Laura poses the region's biggest storm threat since Hurricane Katrina in 2005, which caused a 90% shutdown. The lower demand on slower economic growth has kept upside limited in crude oil prices.

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.3270.

Source : Equity Bulls

Keywords