Crude Oil - Feb 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices continued upside gaining 0.69% to $55.14 per barrel on Wednesday. MCX Crude oil February futures were trading up by to Rs. 4028 by noon session.

Crude oil prices are trading higher on supply deficit concerns despite of slow demand recovery on producers pledge to cut oil output. Crude oil prices gained after API report showed decline in US weekly oil inventories by 4.26 mb ahead of official data form EIA.

We expect crude oil prices to trade sideways to up with support at $54 and resistance at $56. MCX Crude oil February has support at Rs.3960, resistance at Rs.4080.

Source : Equity Bulls

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