Crude Oil - Sep 8, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by more than 3% to $38.40 on Tuesday. MCX Crude oil September futures were trading down by 2.5% to Rs. 2845 by noon session.

Crude oil prices extended decline on demand growth worries s the Labor Day holiday in the U.S. marks the end of the peak driving season. The rising virus cases are still a concern for oil demand recovery as the total number of global cases topped 27.2 million as of September 8, according to Johns Hopkins University data.

We expect oil prices to trade down for the day with MCX Crude oil, September futures have support at Rs. 2790 with resistance at Rs.2890.

Source : Equity Bulls

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