Below are Quote on Crude Oil By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd

“Oil prices touched $42 a barrel in New York after an drop in API crude oil inventories reported by US institute. It also taking positive cues from 46^th presidential election as Mr Biden won the election. The optimism comes from expectation of increasing demand from the world after announcement of development of vaccine of corona virus from p-fizer. In last two days MCX Crude oil prices increased 10.40% and closed at 3058 leels.The American Petroleum Institute reported crude inventories dropped by 5.15 million barrels last week, with gasoline and diesel stockpiles also decreasing. U.S. gasoline stockpiles dropped by 3.3 million barrels last week, while distillate inventories, which includes diesel, shrank by 5.62 million barrels. As of today traders can go for buy in crude oil at 3010 levels with the stoploss of 2960 and for the target of 3110 levels. WTI Crude oil may test $44 to $46 levels soon.”

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