Crude Oil - Nov 26, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower on Thursday as benchmark NYMEX WTI crude oil lost 1% to $45.23 per barrel. MCX Crude oil December futures were trading down by more than 1.50% to Rs. 3340 by noon.

Crude oil prices pared some weekly gains on profits booking on holiday shortened week. Earlier, Crude oil prices extended gains on surprise weekly inventory draw as EIA data showed that crude oil stockpile fell by 0.75 mb against forecast of rise of 0.61 mb. Crude oil prices continued bullish stance on vaccine progress which has raised hopes and on speculation of OPEC plus nations meeting.

We expect crude oil prices to trade sideways to down with support at $44 and resistance at $47. MCX Crude oil December has support at Rs.3290, resistance at Rs.3390.