Crude Oil - Dec 31, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil were trading marginal down to $48.30 per barrel on Thursday. MCX Crude oil January futures were trading steady at Rs. 3534 by noon session.

Crude oil prices traded under pressured as pandemic worries over shadowed bullish inventory data and vaccine hopes. The spreading of new strain of corona virus has raised worries over fuel demand recovery. The investors' interest was muted towards commodities on year end squaring off.

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.3590.

Source : Equity Bulls

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