(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic crude prices are trading flat in a lackluster trade this Friday afternoon.
Upside remained capped amid worries that surging covid-19 cases in the U.S. and Europe could witness renewed restrictions and could dent demand for the fuel.
Concerns about oversupply remain. Libya's National Oil Corporation (NOC) said Libya's oil production has rapidly returned to previous rates as it reached 1.25 million barrels per day (bpd).
Additionally as Libya is currently exempt from the oil cut curbs, we could further increase in output from the nation and could weigh on sentiments.
The next big event for oil will be the OPEC+ meeting on November 30-December 01. Here the cartel could discuss whether to maintain the current levels of output cuts or trim output.
Markets will also look to cues from the progress of stimulus talks between Democrats and Republicans over the next 2-3 days.
Technically, WTI Crude Oil is trading is sustaining above $41.50 levels since past days where prices are constantly pushing upside. However prices are not able to cross above $43.00 levels, signifies some sideways momentum in the range of $41.30-$42.80 levels for the rest of the session.
Technically, MCX Crude December is holding a support near 3063-3045 levels above which could trade on positive indicating sideways momentum to continue in the range of 3050-3183 levels for the rest of the session.