Crude Oil - Dec 21, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded down with benchmark NYMEX WTI crude oil fell by more than 3% to $47.66 per barrel on Monday. MCX Crude oil January futures were trading down to Rs. 3526 by noon session.

Crude oil prices traded under pressure on worries over rising virus cases and delaying relief package from US. The travel restriction with stricter lockdown in UK and Europe has raised concerns over fuel demand recovery with stalled economy.

We expect crude oil prices to trade sideways to down with support at $46.50 and resistance at $49. MCX Crude oil January has support at Rs.3460, resistance at Rs.3590.

Source : Equity Bulls

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