Commodities » Energy
Crude oil prices closed at $80.25/bbl on Wednesday
February 25, 2010, Thursday, 13:21 GMT | 08:21 EST | 18:51 IST | 21:21 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices gained yesterday touching a high of $80.27/bbl and managed to close above the $80-mark. Oil prices gained on the back of weakness in dollar. Moreover, prices also gained after Bernanke said private-sector demand growth for goods and services will spur the economic rebound.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar. Strength in the dollar could put further pressure on the downside. Concerns over rising inventories in the US could cap gains in the commodity.
Support for NYMEX April Crude Oil is seen at $79.50/$78.90 levels & resistance at $81.00/$81.65 levels.
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