Crude Oil - Nov 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded firm with benchmark WTI crude oil prices traded above $41 per barrel on Wednesday. MCX Crude oil November futures were trading up by 1% to Rs. 3086 by noon session reflecting strong global oil prices.

Crude oil prices extended gain on Wednesday on expectations that OPEC plus may delay the decision to increase oil output in next meeting. The US API data showed that weekly crude oil stockpile rose by 4.2 mb which kept upside limited in oil prices down on oversupply fears.

We expect crude oil prices to trade sideways to down with support at $40 and resistance at $42. MCX Crude oil November has support at Rs.3040, resistance at Rs.3160.

Source : Equity Bulls

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