Crude Oil - Nov 4, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices extended gains with NYMEX WTI Crude oil prices rose by 0.50% to $37.80 per barrel on Wednesday. MCX Crude oil November futures were trading marginal up to Rs. 2823 by noon session in line strong global oil prices.

Crude oil prices traded higher with larger inventory drawdown and jitters that OPEC may deeper current output quota. The US API data showed that weekly inventories fell by 8.01 mb against forecast of rise of 0.6 mb.

We expect crude oil prices to trade sideways to up with support at $36 and resistance at $39. MCX Crude oil November has support at Rs.2730, resistance at Rs.2890.

Source : Equity Bulls

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