Crude Oil - Oct 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded down with NYMEX WTI Crude oil prices fell by more than 1% to $40 on Wednesday. MCX Crude oil October futures were trading 1% down to Rs. 2936 by noon session on weak global cues.

Crude oil prices traded lower on Wednesday after US President Donald Trump dashed hopes for the stimulus package and over larger than expected build-up in U.S. crude stocks. The strike in Norway and possible supply disruption from the Gulf of Mexico on hurricane threat may limit downside in oil prices.

We expect crude oil prices to trade sideways to down with support at $37 and resistance at $41. MCX Crude oil October has support at Rs. 2830, resistance at Rs. 2990.

Source : Equity Bulls

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