Crude Oil - Jan 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1% up at $53.58 per barrel. MCX Crude oil February futures were trading up to Rs. 3929 by noon session.

Crude oil prices witnessed string buying on demand growth prospects on higher stimulus hopes form US. The Secretary of the Treasury nominee Janet Yellen urged Congress to "act big" on pandemic relief spending during her Senate confirmation hearing which boosted fuel demand recovery hopes.

We expect crude oil prices to trade sideways to up with support at $52 and resistance at $55. MCX Crude oil February has support at Rs.3870, resistance at Rs.3980.