Crude Oil - Sep 1, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by 1% to $43 on Tuesday. MCX Crude oil September futures were trading marginal up to Rs. 3149 by noon session.

Crude oil prices pared previous losses traded higher on positive global cues and supply cuts from UAE. The strong PMI numbers from China and dollar decline combined supported crude oil prices to trade firms.

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. 3090 with resistance at Rs.3210.

Source : Equity Bulls

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