Crude Oil - Dec 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil rallied nearly 1% to $48.10 per barrel on Tuesday. MCX Crude oil January futures were trading up to Rs. 3546 by noon session.

Crude oil prices gained on demand recovery hopes over US stimulus and proposal of increasing stimulus checks amount. The rally in equity indices and weaker dollar also supported oil prices to trade firm. Crude oil prices are expected to trade sideways to up for the day on positive global cues.

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.3490, resistance at Rs.3610.

Source : Equity Bulls

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