SMR: Nymex crude oil prices touched a low of $80.53/bbl on Monday
MARKET RECAP
Crude Oil prices ended in the red on Monday and touched a low of $80.53/bbl. The following factors put downside pressure on prices - the disruption in European air traffic caused by Iceland’s volcano has reduced demand for jet fuel.
OUTLOOK
Crude oil prices are expected to revive and trade with an upside bias as the European airspace is set to reopen to flights today. This will help erase worries over lower demand for jet fuel. Other than that, weakness in the dollar will also be supportive to oil prices. Inventories are also forecasted to decline and these factors could lead to upside in oil prices today.
Support for NYMEX May Crude Oil is seen at $80.40/$79.40 levels & resistance at $82.50/$83.50 levels.
