Crude Oil - Dec 4, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher on Friday as benchmark NYMEX WTI crude oil prices rallied by nearly 2% to $46.50 per barrel. MCX Crude oil December futures were trading 1.65% up to Rs. 3440 by noon.

Crude oil prices pared previous losses after OPEC plus nations agreed to ease output quota by 0.5 mb per day to 7.2 mb per day from January 2021 which is less than prior expectations of 2 mb per day. Crude oil prices are expected to trade sideways to up for the day on positive global cues and weaker dollar.

We expect crude oil prices to trade sideways to up with support at $45 and resistance at $48. MCX Crude oil December has support at Rs.3390, resistance at Rs.3490.

Source : Equity Bulls

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