Crude Oil - Nov 30, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

"Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 1.70% at $68.78 per barrel for the day. MCX Crude oil December futures fell by 3.22% near Rs. 5172 per barrel by noon session.

Crude Oil prices witnessed selloff on Tuesday after Moderna CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant. Global equities and non-agro commodities declined sharply following comments on risk off sentiments. Earlier, oil prices rose on expectations that the OPEC+ will put on hold plans to add 400,000 barrels per day (bpd) of supply in January. Crude oil prices are expected to trade up with resistance at $70 and support at $67 per barrel. MCX Crude oil December has support at Rs. 5090, resistance at Rs. 5310."

Source : Equity Bulls

Keywords

CrudeOil Commodities HDFCSecurities