Crude Oil - Dec 2, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil reversed early losses and were trading with gains this Wednesday afternoon session supported by vaccine optimism.

News reports showed that Britain has become the first country in the world to approve a vaccine for use against the coronavirus and that it will be rolled out from early next week.

However, upside was capped after a surprise build in oil inventories in the United States and uncertainty surrounding the OPEC decision.

Markets now await the official EIA crude inventory data tonight.

Technically, WTI Crude Oil is holding a support near $44.00 levels but below $45.70 will continue its Bearish momentum up to $43.10 levels.

Back home, MCX Crude December holds a resistance zone 3300-3320 levels and below 3250 could further see downside pressure up to 3230-3185 levels. Resistance is at 3302-3353 levels.

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Source : Equity Bulls

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