Crude Oil - Nov 19, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded weak with benchmark WTI crude oil prices traded marginal down to $41.80 per barrel on Thursday. MCX Crude oil December futures were trading down by 1% to Rs. 3116 by noon session.

Crude oil prices pared previous gains on weekly inventory build and worries over rising virus cases in US and Europe. Earlier, Crude oil prices were up on positive global cues fuelled by vaccine hopes. The US EIA report showed that crude oil inventories rose by 0.76 mb last week.

We expect crude oil prices to trade sideways to down with support at $41 and resistance at $43. MCX Crude oil December has support at Rs.3060, resistance at Rs.3170.

Source : Equity Bulls

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