Crude Oil - Feb 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices resumed the previous week's gains with benchmark NYMEX WTI crude oil prices rose by 1.37% to $57.64 per barrel on Monday. MCX Crude oil February futures were trading up by 1.57% to Rs. 4206 by noon session.

Crude oil prices were boosted by fuel demand recovery hopes on US stimulus expectations. 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 up with support at $56.70 and resistance at $58.20. MCX Crude oil February has support at Rs.4160, resistance at Rs.4250.

Source : Equity Bulls

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