Below is Crude oil weekly update by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week we have seen that mcx crudeoil prices corrected by 9.64% and closed at 7086 levels.
Brent crude oil corrected by 9.22% and closed at $93.53 levels.
Fear of recession and lower demand of crude oil put pressure on crude oil. Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995.
The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September.
We are expecting that crude oil may trade further lower and may test $90 to $87 levels vern soon.
Above views are of the author and not of the website kindly read disclaimer