Commodities » Energy
Nymex crude oil prices closed at $78.28/bbl on Thursday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices tumbled yesterday after touching a high of $80.45/bbl on Thursday on the back of rising unemployment claims last week and drop in durable goods orders in January. Moreover, prices also came under pressure after a report on Wednesday by the US Energy Department which showed that crude inventories in the US had increased in the last week. Crude inventories have been constantly rising in the worlds largest consumer, which is increasing concerns of demand in the short-term.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar. If the dollar strengthens, crude oil prices may come under pressure. Concerns over rising inventories in the US could also cap gains in the commodity.
Support for NYMEX April Crude Oil is seen at $76.75/$75.00 levels & resistance at $80.15/$82.00 levels.
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