Crude Oil - Sep 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices fell below $40 on Thursday. MCX Crude oil September futures traded marginal down to Rs. 2934 by noon session.

Crude oil prices pared gains on Thursday on demand growth concerns and dollar recovery post US FOMC meet. Earlier, Crude oil prices were trading up on supply disruption fears in Gulf of Mexico over Hurricane Sally and bullish weekly inventory data. The US EIA report showed that weekly oil inventories fell by 4.4 mb against forecast of rise of 2.1 mb in previous week.

We expect oil prices to trade sideways to down for the day with MCX Crude oil September futures has support at Rs. 2850 with resistance at Rs.2990.

Source : Equity Bulls

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