Crude Oil - Feb 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices soared with benchmark NYMEX WTI crude oil prices gained by 0.84% to $56.16 per barrel on Thursday. MCX Crude oil February futures were trading up by 0.76% to Rs. 4109 by noon session.

Crude oil prices are gaining on lower supply fears after OPEC plus nations pledged to keep output cuts in line to overcome surplus from oil market. Crude oil prices were also supported by continuous decline in US inventories and cap on US shale output.

We expect crude oil prices to trade sideways to up with support at $55.20 and resistance at $57. MCX Crude oil February has support at Rs.4040, resistance at Rs.4170.

Source : Equity Bulls

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