Crude Oil - Dec 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil traded half a percent up to $48.46 per barrel on Monday. MCX Crude oil January futures were trading up to Rs. 3571 by noon session.

Crude oil prices gained on positive global cues and weaker dollar over US aid package and spending. Earlier prices were trading under pressure over fuel demand recovery concerns. The new lockdown measures with travel restrictions has put pressure on crude oil prices over stalled economy.

We expect crude oil prices to trade sideways to up with support at $47 and resistance at $49.50. MCX Crude oil January has support at Rs.3510, resistance at Rs.3640.

Source : Equity Bulls

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