By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)

MARKET RECAP

Crude oil prices gained more than 1.5% on the Nymex to close at $78.36/bbl yesterday. The weakness in the US dollar (DX) helped the crude oil prices. The DX declined sharply on Thursday to close at 81.62 against a basket of currencies.

OUTLOOK

Crude oil prices may come under pressure today taking cues from the movement in the DX. The DX is expected to remain strong today, and this factor will exert pressure on the crude oil prices, making the dollar-denominated commodity less attractive for holders of other currencies.

Natural gas prices will take cues from the crude oil prices.