Commodities » Energy
Nymex crude oil prices touched a high of $81.23 on Wednesday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices climbed to a seven-week high on Wednesday, breaking the crucial $80/bbl-mark on the back of economic optimism. Economic reports in the US indicated that the US job market had improved and refineries in the US had operated at the highest level since October 2009. Moreover, the weakness in the dollar also helped the crude oil prices to gain.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar today. The dollar may strengthen as economic concerns may re-emerge. Rising oil inventories also pose a matter of concern but sharp downside in crude oil prices will be cushioned on the back of data which showed that refineries in the US operated at the highest level since October 2009.
Support for NYMEX April Crude Oil is seen at $79.80/$78.75 levels & resistance at $81.65/$82.35 levels.
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