Crude oil prices came under pressure mainly on the back of China’s step to increase its interest rates in order to curb inflation. Additionally, mixed sentiments in the global financial markets also led oil prices to trade lower.
Despite unrest in Egypt, the movement in Suez Canal was not affected. Nymex crude oil prices declined around 0.6 percent and closed at $85.82/bbl on Tuesday. On the MCX, crude oil (February futures contract) declined more than 1 percent and touched a low of `3905/bbl on Tuesday. Appreciation in the Indian Rupee extended losses on the domestic markets yesterday.
According to the report released by the American Petroleum Institute (API) on Tuesday, US crude oil inventories unexpectedly declined by 558,000 barrels in the week ending 4th February. Gasoline inventories increased 3.2 million barrels, while distillate inventories decreased by 538,000 barrels in the last week.
The US Energy Department (EIA) is expected to release its weekly inventory data later in the evening today. According to the Reuters poll, crude oil inventories are expected to increase by 2.4 million barrels for the week ended 4th February. Distillates stocks are predicted to decline by 1.2 million barrels and gasoline inventories are expected to increase by 2.5 million barrels in the last week. Courtesy:COMMODITY ONLINE
10 Feb 2011 PB
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