Commodities » Energy
Nymex crude oil prices closed at $78.84/bbl on Monday after touching a high of $80.62/bbl
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices ended in the negative territory yesterday after touching a high of $80.62/bbl. Oil prices suffered on the back of forecast that the U.S. crude supplies may probably increase for a fifth week, signaling demand from the worlds biggest energy consumer may be slowing. Crude oil inventories have been constantly rising in the US which is denting the demand outlook. Moreover, the strength in the dollar also exerted pressure on crude oil prices. The dollar is advancing against the Euro as the European Union is pressurizing Greece to achieve its deficit target for this year.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar. If the dollar weakens, crude oil prices may receive some cushion to the downside. Concerns over rising inventories in the US may also influence the prices.
Support for NYMEX April Crude Oil is seen at $77.70/$76.60 levels & resistance at $79.20/$80.30 levels.
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