Crude Oil - Jan 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil were trading nearly 1 percent down to $53.13 per barrel on Friday. MCX Crude oil January futures were trading down to Rs. 3887 by noon session.

Crude oil prices are fluctuating near $53 over strong Chinese import data and weakness in dollar. The upside remained capped over pandemic fears on rising virus cases and lockdown in China. Crude oil prices traded under pressure with fall in equity indices on concerns over fuel demand recovery.

We expect crude oil prices to trade sideways to down with support at $52 and resistance at $54. MCX Crude oil January has support at Rs.3820, resistance at Rs.3940.

Source : Equity Bulls

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