Crude Oil - Jan 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil were trading around half a percent down to $52.11 per barrel on Monday. MCX Crude oil January futures were trading down to Rs. 3815 by noon session.

Crude oil prices traded under pressure as rising COVID 19 cases has raised demand growth concerns despite of positive economic data from China and US. The lower supplies expectations may keep downside limited in oil prices making a range bound trade in near term.

We expect crude oil prices to trade sideways to down with support at $51 and resistance at $53. MCX Crude oil January has support at Rs.3760, resistance at Rs.3870.