Commodities » Energy
Nymex crude oil prices closed at $80.70/bbl on Friday
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices declined on the Nymex on Friday to close at $80.70/bbl. Oil prices touched an intra-day high of $82.67/bbl, mainly on the back of weakness in the DX. However, crude oil prices took cues from the mixed sentiments in the financial markets on Friday. Crude oil gained around 2.2% on Nymex platform last week on the back of trend of weakness in DX.
OUTLOOK
Crude oil prices will take cues form the movement in the DX today. The weaker DX will be a positive factor for the commodity prices. But, sharp gains in crude oil prices could be capped on the back of uncertainty in the financial markets over slow economic recovery in the US.
Support for NYMEX September Crude Oil is seen at $79.60/$78.50 levels & resistance at $82.25/$83.70 levels.
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