Crude Oil - Aug 31, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by more than 1% to $43.50 on Monday. MCX Crude oil September futures were trading up by 1.75% to Rs. 3204 by noon session.

Crude oil prices traded higher on positive global cues and supply cuts from UAE. Crude oil prices gained despite sluggish economic recovery and ample supplies as oil operating facilities have yet to restore operations in the Gulf of Mexico which were shut ahead of Hurricane Laura.

We expect oil prices to trade sideways to up for the day with support at $41 and resistance at $45. MCX Crude oil September futures has support at Rs. 3140 with resistance at Rs.3270.

Source : Equity Bulls

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