Commodities » Energy
Crude oil prices declined marginally to close at $82.47/bbl on the Nymex yesterday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices declined marginally to close at $82.47/bbl on the Nymex yesterday. Crude oil prices retreated after touching an intra-day high of $82.97/bbl mainly on the back of strengthening in the DX in the evening session. However, sharp downside in the crude oil prices were cushioned on the back of decreasing inventories in the US in the weekending July 30th. Crude oil prices touched a 12-week high of $82.97/bbl on Wednesday.
OUTLOOK
Crude oil prices are expected to trade with a positive bias today taking cues from the movement in the DX. The weakness in the DX will make crude oil prices look attractive for holders of other currencies.
Natural gas prices will take cues from the crude oil prices.
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