Buy Crude oil MCX Target 3485—3540 SL PAID. Crude oil prices traded higher with benchmark NYMEX WTI crude oil trading over half a percent up near $46.88 per barrel in the morning trade.
Crude oil prices traded up on demand growth prospects as vaccine rollouts begin in UK while US started vaccination campaign from this week. The approval of vaccine from UK, Canada and emergency use from US has raised optimism for fuel demand recovery. Crude oil prices were expected to trade sideways to up for the day supported by positive global cues.
Crude Oil Trading Strategy: MCX Crude Oil December support key @Rs 3,350 per barrel, with resistance @Rs 3,535 per barrel.