Crude Oil - Nov 3, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by more than 1% to $37.45 per barrel on Tuesday. MCX Crude oil November futures were trading up by 2% to Rs. 2789 by noon session in line strong global oil prices.

Crude oil prices traded firm on expectations that OPEC plus nations may delay the plan to restore some of oil output in January 2021. Crude oil prices also got support from positive equity indices and weaker dollar.

We expect crude oil prices to trade sideways to up with support at $36 and resistance at $40. MCX Crude oil November has support at Rs.2620, resistance at Rs.2850.

Source : Equity Bulls

Keywords