Crude oil prices also declined yesterday, with prices falling below $75/bbl yesterday. The stronger DX kept the commodity prices under check. Crude oil prices lost around 1.5% on the Nymex yesterday, but on the MCX platform, prices lost less than 1%, mainly on the back of depreciation in the Indian rupee. Crude oil prices had gained around 5% in the last week. OUTLOOK Crude oil prices will take cues from the inventory data to be released by the API and the movement in the DX. The stronger DX will exert pressure on the crude oil prices. However, favorable inventory data today can cushion the sharp downside in the commodity prices. Support for NYMEX August Crude Oil is seen at $74.00/$73.30 levels & resistance at $76.08/$77.20 levels.

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