Crude Oil - Jan 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices fell to $53 per barrel on Thursday. MCX Crude oil February futures were trading down by 0.84% to Rs. 3877 by noon session.

Crude oil prices traded under pressure after US API reported inventory build of 2.56 mb against forecast of decline. The worries over fuel demand recovery also took a toll on oil prices which has lower oil demand outlook for 2021.

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