Commodities » Energy
Crude Oil prices closed above $80 a barrel on NYMEX on Friday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices traded on a volatile note last week but ended with a positive note closing above $80 a barrel on NYMEX. Crude prices had come under pressure in the earlier sessions of the week amidst the rising inventories in the US and the Feds unexpected rise in discount rate, which strengthened the dollar and put pressure on the prices of crude oil.
OUTLOOK
Crude oil prices are expected to trade with a positive bias today. The dollar is expected to weaken and crude oil prices will take cues from movement in the dollar. Global consumption may climb by as much as 1.4 million barrels a day in the second half of the year as per Irans OPEC governor Mohammad Ali Khatibi, which could be supportive from a medium term perspective. Further, Iran US confrontation is also a key issue to be watched.
Support for NYMEX March Crude Oil is seen at $78.50/$77.00 levels & resistance at $80.75/$81.50 levels.
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