Crude Oil - Dec 18, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International Oil prices eased on Friday morning and early afternoon trade in Asia as soaring COVID-19 cases weigh on fuel demand.

However, hopes of U.S. lawmakers passage over a $900 billion economic stimulus package capped downside.

The next trigger for oil prices will be the OPEC+ meeting in 1st week of January. OPEC+ plans to add 500,000 barrels per day of supply to the market in January, in the first step toward returning 2 million bpd to the market.

Technically, WTI Crude Oil has given a breakout above $48.00 levels further upside rally could be seen up to $48.80-$49.60 levels. Support is at $47.90-$47.10 levels.

Domestic oil prices were trading flat this Friday morning and early afternoon trade.

Technically, MCX Crude December has given a breakout 3500 levels indicating further positive momentum to continue for the rest of the session. Resistance is at 3570-3620 levels. Support is at 3500-3475 levels.

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Source : Equity Bulls

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