Crude Oil - Dec 9, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude prices are trading with modest gains this Wednesday afternoon trade rebounding from Tuesday's lows supported by news on COVID-19 vaccines lifted investors' hopes for a recovery in fuel demand.

Weak U.S. Dollar also lifted sentiments.

However, upside was capped on concerns over an unexpected jump in U.S. oil inventories last week.

Markets will now await official weekly oil data from the U.S. Energy Information Administration (EIA) due tonight.

Technically, WTI Crude Oil has bounced back from $45.30 levels and started to trade on a positive note above $46.00 indicating a bullish momentum up to $46.50-$47.30 levels. Support holds at $45.55-$45.10 levels.

MCX Crude December has bounced back from 3340 levels where above 3400 could trade on a positive note up to 3440-3500 levels. Support at 3340-3300 levels.

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Source : Equity Bulls

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