Published on Thu, Nov 06, 2008 at 08:37 | Source : CNBC-TV18
Updated at Thu, Nov 06, 2008 at 17:41
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USD 68/bbl continues to be resistance for Crude
The US dollar has strengthened again, the equities have declined, so all the factors that we are looking at in the markets right now are weighing on the crude prices. USD 62/bbl is an immediate support now and USD 68/bbl continues to be a resistance.
Here is a verbatim transcript of Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.
Crude declined as much as a gain we saw a couple of days back. It is trading at around USD 65/bbl at this point in time. The inventories have gained in case of gasoline, distillates and crude, and that is weighing on the prices.
The US fuel demand on the other side, has declined by 6.7% as compared to last year. The kind of data that we saw from US yesterday whether it was Institute for Supply Management (ISM) non-manufacturing or unemployment, both were quite bad and that would really weigh on the demand concerns. The US dollar also has strengthened again, the equities have declined, so all the factors that we are looking at in the markets right now are weighing on the prices. USD 62/bbl is an immediate support now and USD 68/bbl continues to be a resistance.
Here is a verbatim transcript of Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.
