Crude Oil - Dec 22, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities for your kind perusal.

Crude oil prices extended decline with benchmark NYMEX WTI crude oil fell by nearly 2% to $47.09 per barrel on Tuesday. MCX Crude oil January futures were trading down by 1% to Rs. 3492 by noon session.

Crude oil prices traded under pressure as new strain of corona virus in UK increased travel restriction across the globe to control the spreading. 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 $48. MCX Crude oil January has support at Rs.3460, resistance at Rs.3550.

Source : Equity Bulls

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