Crude Oil - Oct 6, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices traded above $39 on Tuesday. MCX Crude oil October futures were trading down to Rs. 2886 by noon session despite strong global oil prices.

Crude oil prices extended gains on Tuesday on growing optimism for more US fiscal stimulus to help US economic recovery. Crude oil prices got additional support from a strike in Norway and hurricane threat in the Gulf of Mexico.

We expect crude oil prices to trade sideways to up with support at $37 and resistance at $42. MCX Crude oil October has support at Rs. 2790, resistance at Rs. 2960.

Source : Equity Bulls

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