Commodities » Energy
Nymex crude oil prices closed at $81.70/bbl on Monday
March 17, 2010, Wednesday, 07:24 GMT | 03:24 EST | 12:54 IST | 15:24 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil touched a high of $82.1/bbl on Nymex yesterday as the US Fed kept interest rates low as the economy continues to recover, thus weakening the dollar and helping the crude oil prices to gain.
OUTLOOK
Crude oil prices would trade with a positive bias today on the back of a weaker dollar but sharp gains in the commodity could be capped as rising inventories raise concern.
Support for NYMEX April Crude Oil is seen at $81.00/$79.90 levels & resistance at $82.75/$83.85 levels.
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