Crude Oil - Dec 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil rose by 0.70% to $48.47 per barrel on Thursday. MCX Crude oil January futures were trading up to Rs. 3575 by noon session.

Crude oil prices recovered on weaker dollar over hopes on BREXIT deal and bullish weekly inventory data. The UK and European Union were close to finalise a Brexit agreement by early January. The holiday weekend demand hopes also supported crude oil price to trade firm.

We expect crude oil prices to trade sideways to up with support at $47 and resistance at $50. MCX Crude oil January has support at Rs.3520, resistance at Rs.3640.

Source : Equity Bulls

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