Crude Oil - Oct 19, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices traded marginal down to $41 by 0.44% on Monday. MCX Crude oil November futures were trading down to Rs. 3011 by noon session in line with weak global oil prices.

Crude oil prices have capped upside limited on slower demand recovery amid COVID-19 pandemic effects and oversupply scenario. The renewed hopes over US stimulus may support crude oil prices to trade firm underpinning weak China GDP data for the day.

We expect crude oil prices to trade sideways to up with support at $39 and resistance at $42. MCX Crude oil November has support at Rs.2970, resistance at Rs.3060.

Source : Equity Bulls

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