Commodities » Energy
Nymex crude oil prices closed at $81.96/bbl on Wednesday
March 11, 2010, Thursday, 10:22 GMT | 05:22 EST | 15:52 IST | 18:22 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices ended in the green on the Nymex yesterday despite a rise in inventories in US. But the rise in inventories was lower than market expectations and this factor prevented sharp downside in prices. However, a weaker dollar helped oil prices ended the trade in green yesterday.
OUTLOOK
We expect oil prices to trade with a negative bias today. Gains in the commodity could be capped on account of concern over rising inventories. Expectations of tightening of monetary policy in China could also lead to concerns over demand from the worlds fastest growing Asian economy.
Support for NYMEX April Crude Oil is seen at $81.20/$80.10 levels & resistance at $82.30/$83.20 levels.
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