Crude Oil - Dec 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower on Wednesday as benchmark NYMEX WTI crude oil traded below $45 per barrel. MCX Crude oil December futures were trading flat to Rs. 3289 by noon.

Crude oil prices extended decline ahead of official inventory data after API report showed build of 4.14 mb. The uncertainty over OPEC plus meeting after previous disagreement has also pressure oil prices over higher supply concerns. The delay in decision making has pushed oil prices lower over concerns of rising virus worries amid lower demand.

We expect crude oil prices to trade sideways to down with support at $44 and resistance at $45.50. MCX Crude oil December has support at Rs.3230, resistance at Rs.3370.

Source : Equity Bulls

Keywords