Commodities » Energy
Nymex crude oil prices closed at $78.95/bbl on Friday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices gained on Friday as weakness in the DX acted as a strong supportive factor for the commodity prices. But on a weekly basis, crude oil prices declined marginally in the last week. Moreover, on the MCX platform, crude oil prices ended in the red on Friday due to sharp appreciation in the Indian rupee.
OUTLOOK
Crude oil prices are expected to trade on the positive note today mainly on the back of weakness in the DX. The weaker DX will make the dollar denominated crude oil prices look attractive for the holders of other currencies.
Natural gas prices will take cues from the crude oil prices.
Support for NYMEX September Crude Oil is seen at $78.30/$77.50 levels & resistance at $79.75/$80.50 levels.
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