Crude Oil - Dec 3, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil prices were flat to marginally higher this Thursday afternoon trade as traders await OPEC+ decision.

Investors are expecting to deliver a delay to its output hike, at the same time the cartel will be worried about the recent rise of US production as they would not want to give the U.S. a head start in ramping up production.

So markets will await the decision. Crude could be vulnerable to a massive selloff if OPEC+ is unable to extend their production cuts.

Upside was capped as the US struggles to get the COVID situation under control which could dent demand for the fuel.

Technically, WTI Crude Oil is trading above $45.00 levels where positive momentum could take prices above $46.20-$47.06 levels. Support is at $44.20-$43.15 levels.

Back home, MCX Crude December has confirmed a Bullish Engulfing Candlestick indicating a sign of Reversal. Above 3330 will continue its upside momentum upto 3390-3430 levels. Support is at 3320-3240 levels.

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Source : Equity Bulls

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