Commodities » Energy
Nymex crude oil prices declined by almost 1% last week, to close at $74.60/bbl on Friday.
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices declined by almost 1% on the Nymex last week, to close at $74.60/bbl. Oil prices hit an intra-day high of $75.44/bbl on Friday. Crude oil prices declined by 2.2% on the MCX last week, touching an intra-day low of Rs.3434/bbl on Friday. On the weekly basis, INR appreciated by 0.6% last week which additionally exerted pressure on the oil prices on Indian bourses.
OUTLOOK
Crude oil prices will take cues from the movement in the DX today. The DX is expected to trade with a negative bias and this factor will help crude oil prices to recover. Moreover, positive sentiments in the financial markets will also support the commodity prices today. Any news from the hurricane front will also influence the crude oil prices.
Support for NYMEX October Crude Oil is seen at $73.40/$72.15 levels & resistance at $75.60/$76.65 levels.
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