Crude Oil - November 17, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil prices were range bound in a volatile trade this Thursday afternoon.

Prices initially found support as Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19.

Upside was capped amid concern over global demand as COVID-19 outbreaks continue around the world.

Markets will look ahead of the important OPEC+ meeting today.

OPEC+ is set to hold a ministerial committee meeting today that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1.

Technically, WTI Crude Oil is trading on a negative note below $42.00 level indicating a downside pressure to continue in the intraday session. Resistance is at $41.80-$42.70 and Support is at $41.10-$40.57 levels.

Technically, MCX Crude November is trading with some negative bias below 3100 level indicating sideways to marginal downside momentum. Resistance is at 3110-3160 levels and Support is at 3050-3010 levels.

Source : Equity Bulls

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