Commodities » Energy
Nymex March Crude Oil prices touched a low of $70.77/bbl on Monday
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Crude oil prices declined marginally and continued to trade sideways yesterday as the dollar stood firm and concerns that fuel demand may stall in US which is the largest consumer of energy. Markets remain concerned over the demand situation of crude oil amid concerns over global economic progress. Oil prices could continue to face downside pressure as poor fundamentals coupled with concern over global economic recovery could add pressure on the downside. The Chinese New Year in the coming week would pressurize the prices as weak demand is usually seen during this time of the year. Further if concern over debt situation in the Eurozone continues to dominate financial markets then demand for riskier investment assets could decrease, leading to downside pressure on crude oil prices.
OUTLOOK
We expect Crude oil prices to trade with a negative bias as:
- Stronger dollar will put pressure on prices.
- Demand concerns in US and China which are the leading consumer of energy.
- Concerns over global economic growth
Today, we could witness sideways move in crude oil prices with support for NYMEX March Crude Oil is seen at $70.80/$69.95 level a resistance at $72.40/$73.20 levels.
Stock Market Forum
- Information about Stock trading - An Article
7 February 2012
- how do you find canada stocks to trade?
3 February 2012
- my stock to watch for tomorrow-CLD
3 February 2012
- Dynamic levels is all about showing the stock levels for last 12 years.
19 January 2012
- Bank of England Keeps Base Rate unaffected at 0.50%
13 January 2012
- Oil price rise fuels India's inflation
4 January 2012
- How to invest in stock market
27 December 2011
- Four Secrets to invest in Stock Market: Beginners Guide
27 December 2011
- Food inflation plunges to 4-year low of 1.81%
22 December 2011
- Nifty delete certain posts gains on GDP data
22 December 2011