Crude Oil - Sep 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded down with NYMEX WTI Crude oil prices fell below $40 on Monday. MCX Crude oil October futures were trading half a percent down to Rs. 2954 by noon session.

Crude oil prices traded lower on weaker demand concerns amid surge in virus infections in Europe, US and UK. The return of oil supply from Libya and Iraq may add pressure to the prices in coming months.

We expect crude oil prices to trade sideways to down with support at $38 and resistance at $41. MCX Crude oil October has support at Rs. 2870, resistance at Rs. 3020.

Source : Equity Bulls

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