Last Updated : March 08, 2010 15:15
Nymex April Crude Oil falls to $81.50 at loss of 1.61%
Crude oil April contracts closed last week at $81.50 with a loss of 1.61 percent.
Crude oil prices rose last week despite rising inventories as speculation that economic recovery will push petroleum demand.
Employment reports and unemployment rate fell last week below market expectations and showed the conditions will be improving.
Consumer confidence reports in US tomorrow will also likely support prices to trade higher.
OUTLOOK:
Prices may continue to trade higher during the day on account of data from Euro zone and Germany which are expected to show conditions improving in the economy.
TECHNICAL RECOMMENDATIONS March futures crude oil prices traded higher on last trading session and after making a high of 3743 it settled at 3724 levels.
Market is expected to move up and the next resistances can be seen at 3750 levels.
On break of the same it may test 3770 levels. Likewise, on the lower side the support are seen at 3700 levels. We recommend buying on dips for the day.
Courtesy: Karvy Commtrade Ltd. Explore Commodity Online Mobile Services
MCX Light Sweet Crude Oil 19 April 2012
contract was trading at
Rs 5030 , up Rs. 22 . What's your view on it?
