Crude Oil – Aug 28, 2020 – Mr. Tapan Patel – Senior Analyst (Commodities), HDFC

Crude oil prices traded weak with NYMEX WTI Crude oil prices fell below $43 on Friday. MCX Crude oil September futures were trading down by nearly 0.60% on sharp rupee appreciation to Rs. 3151 by noon session.

Crude oil prices eased after Hurricane Laura passed oil facilities without causing any damage. U.S. producers had shut 1.56 million barrels per day of crude output, or 83% of the Gulf of Mexico’s production, while nine refineries had shut around 2.9 million bpd of capacity, or 15% of U.S. processing capacity, ahead of the storm.

We expect oil prices to trade sideways to down for the day with support at $41 and resistance at $43.50. MCX Crude oil September futures has support at Rs. 3090 with resistance at Rs.3210.

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