Crude Oil - Jan 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil were trading over half a percent up to $53.50 per barrel on Wednesday. MCX Crude oil January futures were trading higher to Rs. 3916 by noon session.

Crude oil prices gained on bullish inventory data from US API which showed that weekly oil stockpiles fell by 5.82 mb against expectations of 2.7 mb draw. Crude oil prices boosted by broad buying in commodities over weaker dollar on demand growth optimism.

We expect crude oil prices to trade sideways to up with support at $52 and resistance at $54. MCX Crude oil January has support at Rs.3860, resistance at Rs.3990.

Source : Equity Bulls

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