Crude Oil - Dec 11, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil were trading near $47 per barrel. MCX Crude oil December futures were trading marginal down to Rs. 3465 by noon session.

Crude oil prices traded up on demand growth prospects as vaccine rollouts begin in UK while US may start the process in coming weeks. The approval of vaccine from UK, Canada and possibility from US has raised optimism for fuel demand recovery. The lift in demand from China and India has also supported oil prices to trade firm.

We expect crude oil prices to trade sideways to up with support at $45.50 and resistance at $48. MCX Crude oil December has support at Rs.3390, resistance at Rs.3510.

Source : Equity Bulls

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