Crude Oil - Sep 25, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices traded near $40 on Friday. MCX Crude oil October futures were trading marginal up to Rs. 2980 by noon session.

Crude oil prices traded up on hope of more stimulus measures to support US economic recovery. However, weaker demand is still a concerns for the market amid surge in virus infections. The return of oil supply from Libya and increase in cargos from Iraq may add pressure to the prices.

We expect crude oil prices to trade sideways to up with support at $38 and resistance at $41. MCX Crude oil October has support at Rs. 2920, resistance at Rs. 3060.

Source : Equity Bulls

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