Crude Oil - Sep 9, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices recovered by more than 1% to $37.30 on Wednesday. MCX Crude oil September futures were trading up by 1.5% to Rs. 2748 by noon session with reflecting recovery in global oil prices.

Crude oil prices pared previous losses on Wednesday with recovery in US equity futures after shedding more than 7% on Tuesday. Earlier, Crude oil prices traded under pressure as growing coronavirus cases weighed on prices as India, Great Britain, Spain, and several parts of the United States reported record cases.

We expect oil prices to trade up for the day with MCX Crude oil September futures has support at Rs. 2670 with resistance at Rs.2810.

Source : Equity Bulls

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