Crude Oil - Dec 4, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil prices surged higher this afternoon trade on Friday supported by renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output by a modest 500,000 barrels per day (bpd) from January.

Markets also took support from the vaccine and stimulus expectations which spurred demand expectations for the fuel.

Technically, WTI Crude Oil has given a breakout above $46.26 levels where positive momentum could take prices above $47.00-$47.82 levels. Support is at $45.70-$45.20 levels.

MCX Crude December has given a gap up open above 3400 levels above which could continue its strong upside momentum upto 3480-3575 levels & support holds at 3415-3330.

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Source : Equity Bulls

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