Crude Oil - Nov 25, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher on Wednesday as benchmark NYMEX WTI crude oil were trading above $45 per barrel gaining nearly 1% in the morning trade.

Crude oil prices continued bullish stance after breaking key resistance above $43.50 on vaccine progress which has raised hopes for fuel demand recovery. The speculation ahead of OPEC plus meeting has also kept crude oil prices up as the group may consider for deeper cuts in January 2021.

We expect crude oil prices to trade up with support at $43.50 and resistance at $47. MCX Crude oil December has support at Rs.3290, resistance at Rs.3410.