Crude Oil - Dec 9, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher on Wednesday as benchmark NYMEX WTI crude oil prices gained by 1% to $46 per barrel. MCX Crude oil December futures were trading up to Rs. 3392 by noon session.

Crude oil prices witnessed recovery on vaccine hopes paring early morning loses. Earlier, Crude oil prices traded lower on bearish inventory report from US API showing inventory build of 1.14 mb. The fear of lockdown measures combined with eased output cuts from OPEC plus nations has capped upside in crude oil prices.

We expect crude oil prices to trade sideways to up with support at $45 and resistance at $47. MCX Crude oil December has support at Rs.3340, resistance at Rs.3460.

Source : Equity Bulls

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