Crude Oil - Nov 5, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic Oil prices fell on Thursday morning and afternoon trade as Democrat Joe Biden edges closer to the White House in the U.S. presidential election, but the Republicans look likely to retain Senate control, decreasing the chances of any huge COVID-19 relief package.

However, a drawn-out court battle over the results could cause additional uncertainty in the market and weighed on sentiments.

At the same time, weakening demand in Europe continued to weigh on sentiment, due to the lockdowns in several countries restricting travel.

Technically, WTI Crude Oil is trading on a flat to weaker note and holding near $39.00 levels. Prices further could see some hurdle near $39.70 levels which is its 50-DMA. It could trade in a range of $37.50-$40.50 in the coming session.

Technically, MCX Crude November is holding a resistance near 50 Daily Moving Average that is trading below 2920 could see a downside pressure. Resistance is at 2936-2990 levels. Support is at 2862-2810 levels.

Source : Equity Bulls

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