Commodities » Energy
Nymex crude oil prices closed at $82.34/bbl on Thursday
March 12, 2010, Friday, 07:00 GMT | 02:00 EST | 12:30 IST | 15:00 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices gained yesterday on the back of weaker dollar. Positive economic data from US is indicating that the economic recovery is on track and this factor can help in increasing demand for crude oil from the worlds largest consumer.
OUTLOOK
We expect crude oil prices to trade with a positive bias today. However, sharp gains in the commodity could be capped on account of concern over rising inventories and expectations of tightening of monetary policy in China. China is the fastest growing economy and second largest consumer of crude oil.
Support for NYMEX April Crude Oil is seen at $81.65/$80.95 levels & resistance at $83.00/$85.00 levels.
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