Crude Oil - Dec 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil rose to nine month highs gaining more than 1% to $48.50 per barrel on Thursday. MCX Crude oil December futures were trading up to Rs. 3566 by noon session.

Crude oil prices gained after US data showed larger than expected inventory draw. Crude oil prices also traded higher on fuel demand recovery hopes on US relief package expectations despite of stricter lockdown measures in Europe and US.

We expect crude oil prices to trade up with support at $47 and resistance at $50. MCX Crude oil December has support at Rs.3490, resistance at Rs.3610.

Source : Equity Bulls

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