Commodities » Energy
Crude Oil prices touched a low of $76.32 on Thursday
February 19, 2010, Friday, 07:23 GMT | 02:23 EST | 12:53 IST | 15:23 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices traded on a volatile note in yesterdays session as the commodity touched a low of $76.32 but still managed to end in the green. The Federal Reserve announced a hike in discount rate by 0.25% which strengthened the dollar. Moreover, US crude inventories climbed 3.09 million barrels last week, as per data released by the US Energy Department.
OUTLOOK
Crude oil prices are expected to trade with a negative bias today. The dollar is expected to strengthen and crude oil prices will take cues from movement in the dollar.
Support for NYMEX March Crude Oil is seen at $77.30/$76.30 levels & resistance at $79.00/$79.90 levels.
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