MARKET RECAP Crude oil prices declined marginally on the Nymex yesterday to close at $75.63/bbl. However, the commodity prices rebounded after touching an intra-day low of 74.39/bbl on the back of good inventory data. The US energy department reported yesterday that crude oil inventories decreased by 2 million barrels to 363.1 million barrels in the last week. OUTLOOK We expect crude oil prices to trade with a negative bias as the stronger DX will make the commodity prices less attractive for holders of other currencies. Moreover, poor economic data from China will also weigh on the crude oil prices as China is the second largest consumer of crude oil, after the US. Support for NYMEX August Crude Oil is seen at $74.40/$73.20 levels & resistance at $76.80/$78.00 levels.

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