Commodities » Energy
Nymex crude oil prices closed at $80.48/bbl after touching a low of $79.71 on Thursday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices declined on Nymex yesterday as the dollar rebounded after touching a low of 79.94. The stronger dollar exerted pressure on crude oil prices. Crude oil prices had climbed to a seven-week high on Wednesday, breaking the crucial $80/bbl-mark on the back of reports indicating that refineries in the US had operated at the highest level since October 2009.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar today. The dollar may strengthen as economic concerns may re-emerge. Rising inventories of crude oil in US could also add pressure on the prices.
Support for NYMEX April Crude Oil is seen at $79.80/$79.00 levels & resistance at $81.15/$81.80 levels.
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