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Last Updated : Jul 17, 2020 03:31 PM IST | Source: Moneycontrol.com

Crude oil futures slip 0.75%, WTI trades below $41 a barrel

In the futures market, crude oil for July delivery touched an intraday high of Rs 3,065 and an intraday low of Rs 3,028 per barrel on the MCX

Crude oil futures eased to Rs 3,041 per barrel on July 17 as participants increased their short positions. Prices slipped after OPEC+ agreed to ease record supply curbs and on fears that rising coronavirus cases globally may impact demand.

The United States reported at least 75,000 new COVID-19 cases, a new daily record. Spain and Australia reported their steepest daily jumps in more than two months. Cases continued to soar in India as well.

 

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In the futures market, crude oil for July delivery touched an intraday high of Rs 3,065 and a low of Rs 3,028 per barrel on the Multi-Commodity Exchange (MCX). So far in the current series, black gold has touched a low of Rs 1,655 and a high of Rs 3,153.

Crude oil futures for July delivery slipped Rs 23, or 0.75 percent, to Rs 3,042 per barrel at 15:02 hours IST on a business turnover of 4,416 lots.

The same for August delivery edged lower by Rs 22, or 0.71 percent, to Rs 3,062 per barrel on a business volume of 337 lots.

The value of July and August's contracts traded so far is Rs 598.93 crore and Rs 15.25 crore, respectively.

Sunilkumar Katke, Head - Commodity and Currency, Axis Securities, said stimulus measures and firm equity markets are supporting prices. But given the uncertainty ahead, he expects prices to stay firm intraday.

Tapan Patel- Senior Analyst (Commodities), HDFC Securities, expects oil prices to trade down for the day with support at $39 and resistance at $41. "MCX July Crude Oil futures has support at Rs 2,970 with resistance at Rs 3,090."

West Texas Intermediate crude slipped 0.54 percent to $40.53 per barrel, while Brent crude, the London-based international benchmark, fell 0.6 percent to $43.11 per barrel.

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First Published on Jul 17, 2020 03:31 pm
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