Commodities » Energy
Nymex crude oil prices closed at $80.25/bbl on Tuesday.
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices declined on the Nymex on Tuesday to close at $80.25/bbl. Crude oil prices touched an intra-day high of $81.62/bbl, mainly on the back of strengthening in the DX. The crude oil prices also witnessed downward pressure due to negative sentiments in financial markets. The US Federal Reserve kept interest rates at a record low between 0-0.25% and said that rates will remain low for an exceptionally long period.
OUTLOOK
Crude oil prices will take cues form the movement in the DX today. The strength in DX will be a negative factor for the commodity. Uncertainty in the financial markets over global economic growth will continue to weigh on sentiments. But crude oil will also take cues from the release of US Energy Department inventory data due to be released today. A decline in inventories will cushion sharp downside in prices.
Support for NYMEX September Crude Oil is seen at $79.10/$78.00 levels & resistance at $80.90/$81.80 levels.
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