Crude Oil - Nov 18, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic oil prices were modestly higher in a volatile trade this Wednesday afternoon trade.

Hopes that OPEC and its allies could postpone a planned January increase to oil output supported prices.

However, upside was capped after a private industry report showing a bigger-than-expected build in U.S. crude stockpiles that stoked fears for weak fuel demand and a potential supply glut.

Markets will now look to cues from the official inventory data due tonight.

Technically, WTI Crude Oil is trading on a positive note where above $42.00 level indicating an upside movement to continue in the intraday session. Resistance is at $42.13-$42.70 and Support is at $41.10-$40.57 levels.

Technically, MCX Crude November has bounced back from 3065 levels and is trading with more than 1.5% gains indicating upside momentum up to 3112-3145 levels and Support is at 3050-2990 levels.