Crude Oil - Dec 8, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower on Tuesday as benchmark NYMEX WTI crude oil prices traded below $46 to $45.40 per barrel. MCX Crude oil December futures were trading 1.78% down to Rs. 3364 by noon.

Crude oil prices traded under pressure on concerns over fuel demand recovery with rising cases in US, Germany and South Korea. The fear of lockdown measures and combined with eased output cuts from OPEC plus nations has capped upside in crude oil prices.

We expect crude oil prices to trade sideways to down with support at $44 and resistance at $47. MCX Crude oil December has support at Rs.3290, resistance at Rs.3430.

Source : Equity Bulls

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