Crude Oil - Sep 10, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by 1.30% to $37.50 on Thursday. MCX Crude oil September futures plunged by 1.5% to Rs. 2762 by noon session with fall in global oil prices.

Earlier, Crude oil prices rallied with recovery in equity indices and the weaker dollar with prices held crucial support at $37 on charts. Crude oil prices declined on Thursday after the US API reported a rise of 2.9 mb in weekly crude oil inventories. The fear of supply overhang amid weak demand may keep crude oil prices under pressure in the short term.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2670 with resistance at Rs.2830.

Source : Equity Bulls

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