Commodities » Energy
Nymex Crude oil April contract prices touched a high of $80.51/bbl on Monday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices ended in the green on Monday as a strike by union workers at Totals refineries in France entered its sixth day, with no end to the dispute in sight. Workers at ExxonMobils refineries in France were also considering going on strike. Prices gained on concern that the strike will tighten the global petrol supply and demand balance and could affect US petrol imports.
OUTLOOK
Crude Oil prices could receive upside support on the back of the strike in France but major gains in the commodity could be capped due to a stronger dollar. Also, rising inventories in the US pose a poor demand scenario and hence the impact of the strike will be limited further.
Support for NYMEX April Crude Oil is seen at $79.50/$79.00 levels & resistance at $80.71/$81.50 levels.
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