Crude Oil - Nov 23, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark WTI crude oil prices rallied above $43 per barrel, gaining 1.80% on Monday. MCX Crude oil December futures were trading up by 2.50% to Rs. 3207 by noon session.

Crude oil prices gained on demand growth optimism over vaccine hopes after US administration signalled that vaccine will be availed to the health workers by mid-December. Crude oil prices rallied on fuel demand recovery hopes as OPEC plus nations are likely to keep output quota unchanged in upcoming meeting.

We expect crude oil prices to trade up with support at $42 and resistance at $43.50. MCX Crude oil December has support at Rs.3150, resistance at Rs.3270.

Source : Equity Bulls

Keywords