Crude Oil - Nov 13, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with benchmark WTI crude oil prices fell below $41 per barrel on Friday. MCX Crude oil November futures were trading down by nearly 3% to Rs. 3035 by noon session reflecting correction in global oil prices.

Crude oil prices traded under pressure as growing virus infections has threatened fuel demand recovery from Europe and US. The surprise surge in weekly crude oil inventories triggered selling in crude oil prices.

We expect crude oil prices to trade down with support at $39 and resistance at $42. MCX Crude oil November has support at Rs.2980, resistance at Rs.3090.

Source : Equity Bulls

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