Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic oil prices surged higher this Monday afternoon trade in Asia supported by hopes of recovery in demand amid optimism surrounding the efficacy of the Covid-19 vaccine.
Prices also continued to find support amid speculation that OPEC and its allies could maintain crude output in check at current 7.7 million bpd, rather than cutting it by another 2 million from January 2021.
OPEC and its allies will meet on November 30-December 01.
Technically, WTI Crude Oil has given a breakout of its consolidation phase above $43.00 with increase in volume activity indicating for upside movement in the counter. Resistance is at $43.40-$44.00 levels. Support is at $42.90-$42.30 levels.
MCX Crude December has given a breakout of the Horizontal trend line above 3200 levels indicating a strong uptrend in the counter 3240-3265 levels. Support is at 3170-3140 levels.
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