Crude Oil - Dec 30, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil were trading half a percent up to $48.30 per barrel on Wednesday. MCX Crude oil January futures were trading up to Rs. 3548 by noon session.

Crude oil prices gained on expectations of bullish inventory data after US API reported larger than expected drawdown of 4.8 mb. Crude oil prices got additional support from weaker dollar despite of stalled US stimulus package.

We expect crude oil prices to trade sideways to up with support at $47 and resistance at $49.50. MCX Crude oil January has support at Rs.3490, resistance at Rs.3610.

Source : Equity Bulls

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