Crude Oil - Oct 30, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady with NYMEX WTI Crude oil prices held grounds above $36 on Friday. MCX Crude oil November futures were trading marginal up to Rs. 2705 by noon session in line firm global oil prices.

Crude oil prices traded under pressure on weaker demand concerns over surge in virus cases across US and Europe coupled with oversupply scenario. Crude oil prices got some support on supply disruption fears from Hurricane Zeta in Gulf of Mexico.

We expect crude oil prices to trade sideways to down with support at $35 and resistance at $38. MCX Crude oil November has support at Rs.2640, resistance at Rs.2780.

Source : Equity Bulls

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