Crude oil prices gained on the Nymex on Thursday to close at $75.02/bbl, slightly below its intra-day high of $75.14/bbl. Despite Nymex prices gaining more than 1% yesterday, crude oil prices on the MCX platform ended on a flat note. The appreciation in the Indian currency capped gains in crude prices on the Indian bourses on Thursday. Spot Rupee closed at 46.72 against the dollar yesterday, appreciating by 0.1%.
OUTLOOK
Crude oil prices will take cues from the movement in the DX coupled with risk sentiments in the financial markets. The DX is expected to strengthen today and this factor will exert pressure on the commodity prices. However, any major news on the hurricane front will support prices on concerns over disruption of supplies in the Gulf of Mexico region.
