Commodities » Energy
Nymex crude oil prices closed at $75.24/bbl on Monday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices continued to decline yet again after losing substantially in the last week. The commodity prices lost more than 6% on the Nymex in the last week. Crude oil prices closed at $75.24 on the Nymex yesterday, after touching an intra-day low of $74.86/bbl.
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by the API today. Concerns over slowing economic growth in the large economies will act as a downward pressure on the crude oil prices today. However, weakness in the DX may provide some relief from sharp downside in the crude oil prices today.
Support for NYMEX September Crude Oil is seen at $74.70/$74.20 levels & resistance at $75.85/$76.45 levels.
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