#Crude oil futures slide 0.69% to Rs 3,189 per barrel on demand concerns

The same for October delivery fell Rs 20, or 0.62 percent, to Rs 3,225 per barrel on a business volume of seven lots.

The value of September and October’s contracts traded so far is Rs 505.89 crore and Rs 0.19 crore, respectively.

“Crude oil continues to trade in a narrow range amid lack of clear cues. Demand concerns amid increasing challenges to the global economy is capping the gains, whereas continuing strength in the US and global equity markets are putting a floor below prices. OPEC expressed concerns about slower demand recovery amid prolonged pandemic, but also sees rebalancing in the market. We expect the range move in crude to continue amid mixed cues,” Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Tapan Patel- Senior Analyst (Commodities), HDFC Securities, expects oil prices to trade sideways to down for the day with support at $41 and resistance at $43.50 “MCX September Crude Oil futures has support at Rs 3,150 and resistance at Rs 3,270.”

West Texas Intermediate crude slipped 0.70 percent at $42.52 per barrel, while Brent crude, the London-based international benchmark, was down 0.62 percent to $44.62 per barrel.

For Ragular Update Visit Our Site.

                                  Click Link Below.

https://newsmarkets24.com

twitter.com/newsmarkets24

https://www.facebook.com/newsmarkets