Commodities » Energy
Nymex crude oil prices touched a seven-week low of $71.32/bbl
August 25, 2010, Wednesday, 15:57 GMT | 10:57 EST | 20:27 IST | 22:57 SGT
By Mr. Naveen Mathur, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices continued to decline on Tuesday, with prices touching a seven-week low of $71.32/bbl on the Nymex. The commodity prices closed at $71.63/bbl towards the end of the trading session. On the MCX platform, crude oil prices lost around 1.5% to close at Rs 3386 (Sep contract).
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by US Energy department today. Markets are expecting an increase in inventories of around 0.1 million barrels. The DX is expected to remain strong today and this factor will continue to add pressure from the upside.
Natural gas prices will take cues from crude oil prices today.
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