Crude Oil - Dec 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower on Monday as benchmark NYMEX WTI crude oil prices plunged by 1.5% to $45.60 per barrel. MCX Crude oil December futures were trading 1% down to Rs. 3372 by noon.

Crude oil prices pared previous gains as surge in COVID-19 cases brought fear of more lockdowns after few states in US imposed lockdown measures. Crude oil prices may restrict upside towards $48 over easing of output cuts from OPEC plus nations along with increased supplies from Libya and Iraq.

We expect crude oil prices to trade sideways to down with support at $44 and resistance at $47. MCX Crude oil December has support at Rs.3320, resistance at Rs.3410.

Source : Equity Bulls

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