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Published on 16/09/2020 11:21:35 AM | Source: Angel Broking Ltd

Quote on Crude Oil By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

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Below is the Quote on Crude Oil By Mr. Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

“Yesterday MCX Crude oil prices sharply increases by 2.91% and closed at 2828 levels and WTI crude oil prices were also increased by 3.03% and closed at $38.39 per barrel. This sharply rally due to Hurricane Sally. Hurricane Sally is set to make landfall along the gulf coast, the major hub for oil refineries in the US.  Around 147 offshore platforms were evacuated due to the hurricane.  U.S. crude oil inventories fell by 9.5 million barrels last week, although gasoline inventories increased, data from industry group the American Petroleum Institute showed on Tuesday. Currently WTI is trading at $38.92 per barrel and Brent crude oil is trading at $41.11 per barrel. Hurricane season, geopolitical tension and falling inventories  supports the crude oil prices in short term. So as of today we are recommending to buy in crude oil on a dip. Traders can go for buy in mcx crude oil at 2800 levels, with the stop loss of 2750, for the target of 2900 levels.”

 

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