Crude Oil - Dec 14, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil rallied above $47 per barrel gaining more than 1%. MCX Crude oil December futures were trading nearly 1% up to Rs. 3471 by noon session.

Crude oil prices traded up on demand growth prospects as vaccine rollouts begin in UK while US started vaccination campaign from this week. The approval of vaccine from UK, Canada and emergency use from US has raised optimism for fuel demand recovery.

We expect crude oil prices to trade up with support at $46 and resistance at $48. MCX Crude oil December has support at Rs.3420, resistance at Rs.3540.

Source : Equity Bulls

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