Commodities » Energy
Nymex crude oil touched a high of $82.07 on Friday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude Oil prices gained last week on Nymex touching a high of $82.07/bbl on Friday as strong economic data from the US boosted prices. Investors are expecting that fuel consumption may increase in the worlds largest consumer as economic reports indicate that the US economy is recovering at a good pace after the recession. Another report from Japan indicated that the country posted a current account surplus in January. This may increase demand for crude oil from the worlds third largest consumer of oil.
OUTLOOK
Crude oil prices will take cues from the movement in the dollar today. The dollar is expected to trade with a negative bias on the back of risk appetite in the markets. However, concerns of rising inventories in the worlds largest consumer may cap the prices from upside.
Support for NYMEX April Crude Oil is seen at $81.30/$80.50 levels & resistance at $82.50/$83.20 levels.
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