Commodities » Energy
Nymex crude oil prices closed at $75.74/bbl on Thursday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices continued to decline sharply to close at $75.74/bbl on Thursday. Crude oil prices have been suffering drastically in this week on weak global cues, leading to concerns that demand for the commodity may decrease. The commodity prices have lost more than 6% in this week after touching a high of $81.76/bbl on Monday.
OUTLOOK
Crude oil prices are expected to trade on a negative note today as poor economic scenario in the major economies will lead to concerns over weakening demand. However, sharp downside in the commodity prices would be cushioned on the back of weakness in the DX today.
Support for NYMEX September Crude Oil is seen at $74.85/$73.95 levels & resistance at $77.30/$78.85 levels.
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