Commodities » Energy
Nymex crude oil prices gained around 3.5% in the last week.
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices touched a three week high of $79.6/bbl on Friday, but closed at $78.98/bbl towards the end of the trading session. Weakness in the DX coupled with positive sentiments in the financial markets helped the commodity prices to gain. Crude oil prices gained around 3.5% in the last week.
OUTLOOK
Crude oil prices are expected to trade with a positive bias today taking cues from the movement in the DX. Risk appetite in the financial markets will lead to lower demand for the DX today. Weakness in the DX will make the crude oil prices attractive for holders of other currencies.
Support for NYMEX September Crude Oil is seen at $78.40/$77.75 levels & resistance at $79.60/$80.60 levels.
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