Crude Oil - Nov 20, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded flat with benchmark WTI crude oil prices traded near $41.89 per barrel on Friday. MCX Crude oil December futures were trading half a percent up to Rs. 3116 by noon session.

Crude oil prices were muted on mixed round of cues over stimulus uncertainty, OPEC plus nations meeting and record virus cases. Crude oil prices are caught between oversupply scenario with demand recovery hopes. We expect crude oil prices to trade sideways to down for the day on weak fundamentals and worries over record virus cases in US and Europe.

We expect crude oil prices to trade sideways to down with support at $41 and resistance at $42.50. MCX Crude oil December has support at Rs.3060, resistance at Rs.3170.

Source : Equity Bulls

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