Crude Oil - Jan 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady with benchmark NYMEX WTI crude oil were trading near $48.50 per barrel on Friday. MCX Crude oil January futures were trading marginal up at Rs. 3542 by noon session.

Crude oil prices held steady range post inventory data as investors and traders refrained from taking large positions ahead of New Year weekend. Crude oil prices are expected to trade sideways for the day on global holiday.

We expect crude oil prices to trade sideways 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

Keywords