Crude Oil - Nov 5, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded lower with NYMEX WTI Crude oil prices fell by 1.50% to $38.50 per barrel on Thursday. MCX Crude oil November futures were trading down to Rs. 2886 by noon session.

Crude oil prices pared gains on probable victory of Democrats which are more favourable to renewable energy. We expect crude oil prices to trade in current range as clear results are yet to come and prices may stick to election speculation.

We expect crude oil prices to trade sideways to down with support at $36 and resistance at $40. MCX Crude oil November has support at Rs.2780, resistance at Rs.2950.

Source : Equity Bulls

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