Commodities » Energy
Nymex crude oil prices closed at $82.55/bbl on Tuesday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARTKET RECAP
Crude oil prices gained around 1.4% on the Nymex to close at $82.55/bbl on Tuesday. The weakness in the US dollar (DX) acted as a strong supportive factor for the commodity prices. The DX continued to decline on Tuesday to close at 80.61 against a basket of currencies. Constant poor economic data from the US is decreasing the appeal of the currency.
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by the US Energy department. However, crude oil prices will be supported on the downside on the back of weakness in the DX, making the dollar-denominated commodity attractive for holders of other currencies.
Natural gas prices will take cues from the crude oil prices.
Support for NYMEX September Crude Oil is seen at $81.55/$80.50 levels & resistance at $83.10/$83.70 levels.
Natural Gas MCX August contract has major support at Rs. 209 & resistance at Rs 221.00 levels.
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