Crude Oil - Nov 9, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic oil prices were trading with modest gains on Monday afternoon trade amid improved risk appetite after Joe Biden clinched the U.S. presidency.

Providing some support, the OPEC+ could delay bringing back 2 million barrels per day of supply in January, given weaker demand after new lockdowns.

However, upside was capped amid worries about the impact on demand from the worsening coronavirus pandemic.

Technically, WTI Crude Oil is trading on a positive note where it bounced back from $37.50 levels. Prices further could see some upside hurdle near $39.70-$40.40 levels. It could trade in a range of $37.10-$40.10 in the coming session.

Technically, MCX Crude November is holding above 200-Daily Moving Average & trading above 2750 could see a further sideways movement. Resistance is at 2850-2910 levels. Support is at 2762-2710 levels.