Crude Oil - Dec 3, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady on Thursday as benchmark NYMEX WTI crude oil traded near $45.30 per barrel. MCX Crude oil December futures were trading marginal down to Rs. 3355 by noon.

Crude oil prices traded under pressure as OPEC plus nations meet again to discuss output quota decision after previous disagreement. The delay in decision making has pushed oil prices lower over concerns of rising virus worries amid lower demand. Crude oil prices are expected to trade sideways to up for the day on positive global cues.

We expect crude oil prices to trade sideways to up with support at $44 and resistance at $47. MCX Crude oil December has support at Rs.3290, resistance at Rs.3390.

Source : Equity Bulls

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