Crude Oil - Oct 21, 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 $41 on Wednesday. MCX Crude oil November futures were trading half a percent down to Rs. 3030 by noon session in line with weak global oil prices.

Crude oil prices declined on oversupply concerns and demand growth worries despite of rising hopes for US stimulus package. The US API report showed that weekly crude oil inventories rose by 584000 barrels against forecast of decline of 1.9 mb.

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.3090.

Source : Equity Bulls

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