News & Analysis
Nymex crude oil prices closed at $82.20/bbl on Thursday
March 19, 2010, Friday, 10:05 GMT | 06:05 EST | 15:35 IST | 18:05 SGT
By Amar Singh, Reena Walia Nair (Angel Broking)
MARKET RECAP
Oil prices slipped yesterday on account of strength in the dollar and a situation of rising inventories in US. Crude oil prices closed at $82.2/bbl on Nymex on Thursday.
OUTLOOK
We expect crude oil prices to trade with a negative bias today as dollars strength could add downside pressure. Worries over rising inventories in the US, the worlds largest consumer could also lead to selling pressure. Concern that China will raise interest rates would also weigh on the prices.
Support for NYMEX April Crude Oil is seen at $81.50/$81.00 levels & resistance at $83.00/$84.00 levels.
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