Crude Oil - Dec 16, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil traded marginal down to $47.50 per barrel. MCX Crude oil December futures were trading up to Rs. 3495 by noon session.

Crude oil prices traded lower on Wednesday on weekly inventory build data showed in API report. Crude oil prices also traded weak on fuel demand recovery concerns with stricter lockdown measures in Europe and US.

We expect crude oil prices to trade sideways to up with support at $46 and resistance at $48. MCX Crude oil December has support at Rs.3430, resistance at Rs.3560.

Source : Equity Bulls

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