Crude Oil - Sep 11, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded under pressure with NYMEX WTI Crude oil prices kept a narrow trading range near $37.30 on Friday. MCX Crude oil September futures traded down by nearly 1% to Rs. 2742 by noon session reflecting early decline in global oil prices.

Crude oil prices continued downside on lower demand concerns and fear of supply overhang. US EIA data showed that US weekly crude oil inventories rose by 2 mb against the expectation of decline of 3.1 mb.

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.2790.

Source : Equity Bulls

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