Crude Oil - Nov 9, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rose by more than 2% to $38 per barrel on Monday. MCX Crude oil November futures were trading higher to Rs. 2815 by noon session.

Crude oil prices pared previous loses after Joe Biden won the US Presidential race which eased fuels demand worries on hopes of stimulus package. The US President-elect Biden and his team are working on tackling the worsening health crisis.

We expect crude oil prices to trade up with support at $36 and resistance at $40. MCX Crude oil November has support at Rs.2750, resistance at Rs.2890.