Below is the Quote on Crude Oil By Mr. Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd
“On Tuesday, WTI Crude plunged over 7.5 percent closing at $36.8 per barrel as pandemic triggered demand concerns and appreciating U.S. Dollar continued to undermine WTI Crude Oil prices. WTI crude oil corrected sharply by 16% in last 7 days. It is trading around $ 36.33 per barrel and Brent crude oil is trading at $39.42 per barrel . Saudi Aramco also reduced pricing for October crude sales in Asia and the U.S. as demand remained stuck below pre-Covid levels.
Widening impact of the pandemic reflecting the surge in covid-19 cases around the globe clouded the outlook for Crude as the global Oil market struggled to recover from the economic slump. Oil prices plunged after top Crude exporter, Saudi Arabia, trimmed the Official Selling Price (OSP) to Asia for the month of October’20 considering the falling demand. Moreover, the recent recovery in Oil prices boosted U.S. companies to ramp up drilling of new supplies which further weighed on the Crude prices. OPEC & its allies are scheduled to meet on 17th September to review the Oil market scenario. For today traders can go for sell in Crude oil at 2700 levels, with the stop loss of 2760 levels and for the target of 2600 levels.”
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