Crude Oil - Jan 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices resumed buying with benchmark NYMEX WTI crude oil rallied by 2% to $49.50 per barrel on Monday. MCX Crude oil January futures were trading up by 2.6% at Rs. 3620 by noon session.

Crude oil prices have held steady range near the resistance levels of $50. Crude oil prices are supported by vaccine rollout optimism and expectations that OPEC plus nations may keep output quota unchanged when they meet today.

We expect crude oil prices to trade up with support at $48 and resistance at $51. MCX Crude oil January has support at Rs.3530, resistance at Rs.3670.

Source : Equity Bulls

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