Crude Oil - Dec 10, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher on Thursday as benchmark NYMEX WTI crude oil prices traded half a percent up to $45.77 per barrel. MCX Crude oil December futures were trading flat to Rs. 3379 by noon session.

Crude oil prices traded up on vaccine progress after UK started rolling out COVID 19 vaccine while rising hope for US approval for vaccine also supported oil prices. The approval of vaccine from UK, Canada and possibility from US has raised optimism for fuel demand recovery.

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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