Crude Oil - Sep 11, 2020 - Angel Broking

Mr. Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking Ltd

"On Thursday, WTI Crude plunged around 2 percent closing at $37.3 per barrel as increasing U.S. Crude inventory levels and weak demand prospects for Crude undermined the prices. As per reports from the U.S. Energy Information Administration (EIA), Crude inventory levels increased by 2.0 million barrels in the week ending on 4th September'20. Oil prices were also pressurized after top Crude exporter, Saudi Arabia, trimmed the Official Selling Price (OSP) to Asia for the month of October'20 considering the falling demand. OPEC & its allies are scheduled to meet on 17th September to review the Oil market scenario. OPEC+ trimmed the production cuts down to 7.7 barrels per day since August considering the growing demand. However, widening impact of the pandemic reflecting the surge in covid19 cases around the globe clouded the outlook for Crude as the global Oil market struggled to recover from the economic slump. For Today Traders can go for sell in mcx crude oil sept contract at rs 2770, with the stop loss of 2850, for the target of 2670. In international market WTI crude oil may test $32 per barrel level soon."

Source : Equity Bulls

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