Crude Oil - Jan 11, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil were trading half a percent down to $51.90 per barrel on Monday. MCX Crude oil January futures were trading marginal up to Rs. 3817 by noon session.

Crude oil prices witnessed selling on worries over fuel demand recovery with surge in coronavirus cases. The rising count of cases in China has created selling pressure on Crude oil prices.

We expect crude oil prices to trade sideways to up with support at $50 and resistance at $53. MCX Crude oil January has support at Rs.3760, resistance at Rs.3870.