Crude Oil - Sep 23, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices held narrow trading range near $40 on Wednesday. MCX Crude oil October futures were trading flat to Rs. 2922 by noon session.

Crude oil prices declined after US API reported rise in weekly inventories. The API data showed that crude oil stockpiles rose by 0.69 mb last week against forecast of decline of 2.3 mb. The growing uncertainty over economic recovery amid surging virus cases has kept crude oil prices under pressure.

We expect oil prices to trade sideways to down for the day with support at $37 and resistance at $41. MCX Crude oil October futures has support at Rs. 2830 with resistance at Rs.2970.

Source : Equity Bulls

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