Oil......
Crude oil futures had a slight pullback in the Asia electronic
session today weighed by a report showing that weekly U.S. crude
stockpiles were nearly double
Crude for May delivery fell 50 cents
at $96.69 a barrel on the New York Mercantile Exchange in mid Asia
electronic trades. Yesterday, it rose by $0.12 or 0.1% to settle at
$97.19 a barrel. Prices traded as low below $97 during intra day trading
for most part of the day.
The loss came after the American
Petroleum Institute said late Tuesday that crude supplies were up 4.7
million barrels in the week ended March 29. Analysts had expected a
climb of 2.5 million barrels, according to a Platts survey of analysts.
The
API data arrived ahead of the more closely watched report from the U.S.
Energy Information Administration, due later Wednesday. Investors will
also look for any oil-demand signals on Friday in the U.S. unemployment
report for March.
The latest stockpiles figure underscored demand concerns in the wake of recent weak manufacturing data in the U.S. and Europe.
Activity
in factories across the euro zone contracted at a faster pace in March,
according to Tuesday’s release of the final Markit Purchasing Managers’
Index for the sector. On Monday, the Institute for Supply Management’s
factory index fell to 51.3% in March from 54.2% in February. Economists
had expected the index to match February’s reading.
Oil-demand
worries during North American trade on Tuesday were slightly offset by a
report that U.S. factory orders rose 3% in February, the biggest gain
in five months.
MCX April crude futures opened below Rs 5300 a barrel and may find support near Rs 5260 and Rs 5220 levels.
Source by Commodity Insights
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