Crude Oil - Nov 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with benchmark WTI crude oil prices rallied 1% to $43.50 per barrel on Tuesday. MCX Crude oil December futures were trading up by 1% to Rs. 3227 by noon session.

Crude oil prices gained on demand growth optimism over vaccine hopes from the Oxford-AstraZeneca trial results. The speculation ahead of OPEC plus meeting has also kept crude oil prices up as the group may consider for deeper cuts in January 2021. We expect crude oil prices to trade sideways to up for the day with positive global cues.

We expect crude oil prices to trade up with support at $42 and resistance at $45. MCX Crude oil December has support at Rs.3170, resistance at Rs.3290.

Source : Equity Bulls

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