Crude Oil - November 17, 2020 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic crude oil prices were range bound in a volatile trade this Thursday afternoon.
Prices initially found support as Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19.
Upside was capped amid concern over global demand as COVID-19 outbreaks continue around the world.
Markets will look ahead of the important OPEC+ meeting today.
OPEC+ is set to hold a ministerial committee meeting today that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1.
Technically, WTI Crude Oil is trading on a negative note below $42.00 level indicating a downside pressure to continue in the intraday session. Resistance is at $41.80-$42.70 and Support is at $41.10-$40.57 levels.
Technically, MCX Crude November is trading with some negative bias below 3100 level indicating sideways to marginal downside momentum. Resistance is at 3110-3160 levels and Support is at 3050-3010 levels.