Crude Oil - Oct 20, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with NYMEX WTI Crude oil prices traded marginal down to $40.90 on Tuesday. MCX Crude oil November futures were trading marginal down to Rs. 3013 by noon session in line with weak global oil prices.

Crude oil prices are trading under pressure on concerns over fuel demand recovery as fear of second wave of virus infections in Europe and US may reintroduce lockdown measures. We expect crude oil prices to trade sideways to down for the day on weak demand and oversupply concerns.

We expect crude oil prices to trade sideways to down 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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