Nymex crude oil prices declined around 2 percent in yesterday’s trading session on the back of Saudi Arabia cut prices for exports to US customers on speculation of increase in US stockpiles last week. Further, oil prices plunged as a result of estimates that largest producers in Organization of Petroleum Exporting Countries (OPEC) are keen for preserving their market share rather than sustain upside in the prices.Further, strength in the DX along with US oil output jumping to highest level in last three decades, Russia pumping the most since fall of Soviet Union along with recovery in Libya’s production all these factors acted as a negative factor. Crude oil prices touched an intra-day low of $75.84/bbl and closed at $77.19/bbl in yesterday’s trade.
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