Crude Oil - Dec 15, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil traded marginal down to $46.88 per barrel. MCX Crude oil December futures were trading half a percent up to Rs. 3455 by noon session.

Crude oil prices traded weak on demand growth concerns as some part of US including New York and European countries undergo stricter lockdown measures. Crude oil prices traded under pressure on weak global cues with selling in equity indices.

We expect crude oil prices to trade sideways to down 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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