Crude Oil - Sep 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by nearly 1% to $43.10 on Wednesday. MCX Crude oil September futures were trading up to Rs. 3160 by noon session.

Crude oil prices gained on positive global cues on better than expected manufacturing PMI data from US and China. Prices got additional support from bullish API inventory report which showed that crude oil stockpiles fell by 6.4 mb against forecast of decline of 1.9 mb.

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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