Crude Oil - Jan 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil were trading half a percent up to $51.12 per barrel on Friday. MCX Crude oil January futures were trading up to Rs. 3758 by noon session.

Crude oil prices extending weekly gains on Saudi output cut pledge and demand growth optimism. The rally in equity indices also supported oil prices to trade high for the day. We expect crude oil prices to trade sideways to up with support at $49 and resistance at $52. MCX Crude oil January has support at Rs.3690, resistance at Rs.3790.

Source : Equity Bulls

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