Commodities » Energy
Nymex crude oil prices lost more than 6% in the last week
August 16, 2010, Monday, 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 declined sharply in the last week, losing around 5% on the MCX. The commodity prices lost more than 6% on the Nymex. Poor economic data from China US and the Euro zone weighed on the energy prices.
OUTLOOK
Crude oil prices will trade with a negative bias today as slowdown in economic growth in the larger economies is increasing concerns over demand for the commodity. Moreover, the strength in the DX will be another bearish factor for the crude oil prices today.
Support for NYMEX September Crude Oil is seen at $74.65/$73.95 levels & resistance at $76.40/$77.40 levels.
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