Commodities » Energy
Nymex crude oil prices closed at $81.30/bbl on Friday
March 15, 2010, Monday, 07:26 GMT | 03:26 EST | 12:56 IST | 15:26 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices ended in the red at the end of the week despite the weakness in the dollar on concerns of rising inventories in the worlds largest consumers. Irans OPEC governor Mohammad Ali Khatibi said that the market may be oversupplied this year if the committee fails to reduce the output limits.
OUTLOOK
US today will be announcing data on industrial production. It is expected that the industrial production may decline. This may act as a bearish signal for crude oil today. However, a close watch would be the decision of Chinese government to increase interest rates and the OPECs meeting on Wednesday this week.
Support for NYMEX April Crude Oil is seen at $80.00/$79.00 levels & resistance at $81.70/$82.80 levels
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