Crude Oil - Feb 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices continued upside with benchmark NYMEX WTI crude oil prices gained by 0.87% to $56.70 per barrel on Friday. MCX Crude oil February futures were trading up by 0.75% to Rs. 4142 by noon session.

Crude oil prices traded near the highest levels since January 22 of last year on fuel demand recovery hopes backed by strong economic data and vaccine rollouts. The lower supply with output cuts from OPEC plus and weekly drawdowns in US inventories has also supported crude oil prices to trade higher.

We expect crude oil prices to trade sideways to up with support at $55.80 and resistance at $58. MCX Crude oil February has support at Rs.4090, resistance at Rs.4190.

Source : Equity Bulls

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