Crude Oil - Feb 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading up by 1.50% to $54.38 per barrel on Tuesday. MCX Crude oil February futures were trading up by 1.60% to Rs. 3969 by noon session.

Crude oil prices have regained momentum on fuel demand recovery hopes over vaccine rollouts. The effect of output cuts from OPEC plus and Saudi Arabia has also supported oil prices to trade firm for the day.

We expect crude oil prices to trade sideways to up with support at $53 and resistance at $56. MCX Crude oil February has support at Rs.3890, resistance at Rs.4020.

Source : Equity Bulls

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