Crude Oil - Sep 16, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded firm with NYMEX WTI Crude oil prices rose by nearly 3% to $39.36 on Wednesday. MCX Crude oil September futures traded higher by more than 2% to Rs. 2892 by noon session.

Crude oil prices rose on bullish weekly inventory report from API and production shut due to Hurricane Sally. The API report showed 9.51 mb of drawdown in its weekly inventory report. Prices got additional support as more than 25% of offshore oil and gas production is shut in Gulf of Mexico.

We expect oil prices to trade up for the day with MCX Crude oil September futures has support at Rs. 2810 with resistance at Rs.2970.

Source : Equity Bulls

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