SMR: Nymex crude oil prices lost around 2% to close at $77.5/bbl on Tuesday.
MARKET RECAP
Crude oil prices lost around 2% to close at $77.5/bbl on the Nymex yesterday. Increasing inventories in the US coupled with mild strength in the DX affected the crude oil prices yesterday. On the MCX platform, crude oil prices closed at Rs 3624/bbl.
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by the US Energy department today. Increasing inventories would further exert pressure on the commodity prices. Moreover, the DX is expected to remain strong today, and this factor will also weigh on the crude oil prices, making the dollar-denominated commodity less attractive for holders of other currencies.
Support for NYMEX September Crude Oil is seen at $76.30/$75.00 levels & resistance at $78.00/$79.20 levels.
