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Below is the Outlook On Crude Oil Prices by Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities
Crude oil prices witnessed relief rally on Thursday with NYMEX WTI crude oil traded up by 13%. MCX Crude oil May contract rallied by more than 32% reflecting overnight gains in WTI oil prices.
Crude oil prices traded higher in signs that producers in US may cut oil production to offset lower demand. Crude Oil prices get boost from strong equity indices from overall positive sentiments as US is set to rollout stimulus package.
The overall fundamentals are still weak for oil prices as storage facilities are expected to get full in next 2-3 weeks. Today's rally in prices can be short lived and prices may witness selling pressure again in short term.
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