Crude Oil - Jan 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil fell below $48 to $47.53 per barrel on Tuesday. MCX Crude oil January futures were trading down to Rs. 3487 by noon session.

Crude oil prices witnessed selling after OPEC extended talks for the second day without any decision over output quota. The increased lockdown measures in UK and surge in virus cases also added pressure on oil prices.

We expect crude oil prices to trade sideways to down with support at $46.50 and resistance at $49. MCX Crude oil January has support at Rs.3430, resistance at Rs.3520.