Commodities » Energy
Nymex crude oil prices closed at $81.38/bbl on Tuesday
March 10, 2010, Wednesday, 19:23 GMT | 14:23 EST | 00:53 IST | 03:23 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil declined, albeit marginally on Tuesday and closed at $81.38/bbl as the strong dollar coupled with concerns of rising inventories in US exerted pressure on the prices. Crude oil retreated from a seven week high on Nymex this week.
OUTLOOK
Crude oil prices will take cues the data on crude oil inventories to be released by the US Energy department later today and the movement in the dollar. If the dollar continues to remain strengthened, crude oil prices may suffer. Rising inventories in the worlds largest consumer may also exert pressure on the prices.
Support for NYMEX April Crude Oil is seen at $80.80/$78.80 levels & resistance at $82.50/$83.20 levels.
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