Crude Oil - Nov 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude Oil - Nov 17, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securitiesCrude oil prices traded firm with benchmark WTI crude oil prices traded above $41 per barrel on Tuesday. MCX Crude oil November futures were trading up to Rs. 3087 by noon session reflecting strong global oil prices.

Crude oil prices extended gain on Tuesday on positive global cues over vaccine hopes which pinned down demand growth worries. Crude oil prices traded higher on expectations of extended output cut from OPEC plus nation in November meeting. The improved demand from China as per October data also supported oil prices to trade higher.

We expect crude oil prices to trade sideways to up with support at $40 and resistance at $42. MCX Crude oil November has support at Rs.3040, resistance at Rs.3160.