Crude Oil - Jan 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady with benchmark NYMEX WTI crude oil were trading above $52.50 per barrel on Tuesday. MCX Crude oil February futures were trading up to Rs. 3865 by noon session.

Crude oil prices are looking for fresh triggers on mixed fundamentals over demand worries and lower supplies. Crude oil prices may get some support on expectations of further stimulus measures from US administration.

We expect crude oil prices to trade sideways to up with support at $51 and resistance at $53. MCX Crude oil February has support at Rs.3810, resistance at Rs.3920.

Source : Equity Bulls

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