Crude Oil - Sep 7, 2020 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell to $39, losing more than 1% in electronic trading. MCX Crude oil September futures were trading down to Rs. 2880 by noon session capping downside on rupee depreciation.

Crude oil prices declined on worries over demand recovery with the end of the US summer driving season and ample supplies after OPEC plus nations scaled back the output cuts from September.

We expect oil prices to trade down for the day with MCX Crude oil September futures has support at Rs. 2830 with resistance at Rs.2940.

Source : Equity Bulls

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