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Monday, March 22, 2010

Oil Trips Below $80 On Weak Equities

Crude oil tripped below $80 as the US equity futures tumbled heavily today and the US currency surged against the Euro. 

U.S. stock futures pointed to a lower opening on Wall Street on Monday, as European equity markets posted losses. S&P 500 futures fell 7.6 points to 1,148.70 and Nasdaq 100 futures dropped 10.75 points to 1,921.50. Futures on the Dow Jones Industrial Average fell 53 points.

In the currencies the US dollar surged against the Euro and Pound. It is up 0.05% about to break the 1.3500 mark against the single currency as the Greece issue weighs on Euro.

Crude for May delivery, the most actively traded contract, dropped 94 cents to $80.03 a barrel. It was recently down 74 cents at $ 80.23. Oil prices dropped 1.8% on Friday, pressured by the U.S. dollar's strength and the decision of India's central bank to raise interest rates.

No major U.S. economic data are scheduled for release on Monday.

MCX Crude dropped to as low as Rs 3630 per barrel. The trades were recommended a sell in the morning update with the target around Rs 3610 levels. The next support comes around Rs 3570 levels.
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