Crude Oil - Oct 16, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices fell below $41 by 0.70% on Friday. MCX Crude oil October futures were trading down to Rs. 2980 by noon session in line with weak global oil prices.

Crude oil prices traded under pressure after gaining on bullish weekly inventory data in previous trading session. Crude oil prices are expected to trade with bearish bias over weak demand and oversupply scenario as OPEC plus nations signalled to ease output cuts quota by 2 mb per day from January 2021.

We expect crude oil prices to trade sideways to down with support at $39 and resistance at $42. MCX Crude oil October has support at Rs.2910, resistance at Rs.3040.

Source : Equity Bulls

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