Crude Oil - Sep 18, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose above $41 on Friday. MCX Crude oil September futures traded marginal down to Rs. 3015 by noon session on rupee appreciation.

Crude oil prices gained after Saudi Arabia and Russia warned OPEC plus members to comply with output cut quotas in OPEC+ Joint Ministerial Monitoring Committee meeting. Saudi Prince Abdulaziz also warned short sellers not to challenge the kingdom's resolve to support the market.

We expect oil prices to trade sideways to up for the day with MCX Crude oil September futures has support at Rs. 2950 with resistance at Rs.3090.

Source : Equity Bulls

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