Crude Oil - Jan 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil rose above $51 per barrel on Thursday gaining for third consecutive day. MCX Crude oil January futures were trading up to Rs. 3745 by noon session.

Crude oil prices gained with rally in equities, bullish inventory data and expectations of tighter supply. The Saudi Arabia surprised the market with its pledge to cut 1 mb per day of output in February and March.

We expect crude oil prices to trade sideways to up with support at $49 and resistance at $52. MCX Crude oil January has support at Rs.3670, resistance at Rs.3780.