Crude Oil - Oct 16, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices were trading weaker this Friday afternoon trade in Asia amid concerns that a spike in COVID-19 cases in Europe and the United States is curtailing demand for the fuel.

The U.S. Dollar was trading lower this Friday afternoon trade and capped downside.

Technically, NYMEX WTI Crude has bounced back from 50-Daily Moving Average where it is sustaining above$40.00 levels indicating sideways to upside movement in coming sessions. Resistance is at $41.55-$42.80 levels and Support holds at $40.30-$39.51 levels.

Domestic oil prices are trading marginally weaker this Friday afternoon trade, tracking weak overseas prices.

MCX Crude Oil October holds a resistance near 3003 above which could see an upside bounce up to 3030-3070 levels where downside support is at 2940-2910 levels.

Source : Equity Bulls

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