Crude Oil - Dec 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil fell from nine month highs to $48.30 per barrel on Friday. MCX Crude oil January futures were trading marginal up to Rs. 3572 by noon session.

Crude oil prices traded under pressure on worries over rising virus cases and delaying relief package from US. Crude oil prices have touched the resistance range of $48-$50 on risk on sentiments over vaccine rollouts and stimulus hopes.

We expect crude oil prices to trade sideways to up with support at $47 and resistance at $49. MCX Crude oil January has support at Rs.3510, resistance at Rs.3620.

Source : Equity Bulls

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