Crude Oil - Jan 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil were trading over half a percent up to $53.22 per barrel on Thursday. MCX Crude oil January futures were trading higher to Rs. 3889 by noon session.

Crude oil prices pared some previous loses gained on bullish inventory data from US EIA which reported fifth consecutive draw in oil inventories. Crude oil prices boosted by positive global cues on stimulus hopes along with buying in equity indices.

We expect crude oil prices to trade sideways to up with support at $52 and resistance at $54. MCX Crude oil January has support at Rs.3820, resistance at Rs.3940.