Commodities » Energy
Crude oil prices closed at $81.48/bbl on Monday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices gained marginally on Monday to close at $81.48/bbl towards the end of the trading session. However, crude oil prices retreated fro its intra-day high of $81.76/bbl on the back of strength in the DX, making the dollar-denominated commodity look expensive for holders of other currencies.
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by the API today. However, weakness in the DX will cushion the prices on the downside. Moreover, investors will also keep a close watch on economic updates from China, a top consumer of crude oil.
Support for NYMEX September Crude Oil is seen at $80.80/$80.00 levels & resistance at $81.90/$82.35 levels.
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