Crude Oil - Nov 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices extended decline with NYMEX WTI Crude oil prices fell by 4% to $34.33 per barrel on Monday. MCX Crude oil November futures were trading down by more than 3% to Rs. 2545 by noon session in line firm global oil prices.

Crude oil prices traded under pressure on weaker demand concerns over surge in virus cases with lockdown measures in Europe and oversupply scenario. The lockdowns fear in US over record cases has also kept prices lower in loss of fuel demand.

We expect crude oil prices to trade down with support at $32 and resistance at $38. MCX Crude oil November has support at Rs.2470, resistance at Rs.2620.

Source : Equity Bulls

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