Commodities » Energy
Nymex crude oil prices closed at $/bbl on Tuesday.
August 18, 2010, Wednesday, 17:41 GMT | 12:41 EST | 22:11 IST | 00:41 SGT
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices gained around 0.7% on the Nymex stage on Tuesday to close at $75.77/bbl. Crude oil prices hit an intra-day high of $76.63/bbl yesterday. The commodity prices witnessed some relief yesterday after declining sharply since the last week.
OUTLOOK
Crude oil prices will take cues from the inventory data scheduled to be released by the US Energy department today. Markets are expecting the crude oil inventories to decline by 1.1 million barrels. However, the DX is expected to remain weak today and this factor will support the crude oil prices on the downside.
Support for NYMEX September Crude Oil is seen at $74.95/$74.15 levels & resistance at $76.60/$77.45 levels.
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