Oil......
Crude oil futures were trading on a slippery note ahead of the Energy
Information Administration report to be released later today. The
sentiments were also weakened after the strong US data yesterday
increased the chances of early windup of the US monetary stimulus
program.
Crude for August delivery is trading down 66 cents at
$94.65 a barrel on New York Mercantile Exchange. Oil futures finished
Tuesday’s regular session higher by 14 cents, or 0.1%, to settle at
$95.32 a barrel, after better-than-expected reports on the housing
sector. Also, durable-goods orders in May rose 3.6%.
The contract
lost ground after the American Petroleum Institute, in its weekly report
on U.S. commercial crude-oil inventories, said supplies were unchanged
in the week ended June 21. A Platts survey of analysts had forecast a
decline of 2 million barrels.
A more widely watched report from
the Energy Information Administration is slated for release at 10:30
a.m. U.S. Eastern time. Last week, the EIA reported an unexpected
increase of 300,000 barrels in oil stockpiles to 394.1 million barrels.
At that level, the EIA said, inventories were above the upper limit of
the average range for this time of year.
The U.S. dollar rose
against rivals on Tuesday after a string of strong economic data
reinforced expectations the Federal Reserve will move to slow its
program of asset purchases later this year.
Strength in the US
dollar also pressurized oil futures. The ICE dollar index which measures
the U.S. unit against six other major currencies, rose to 82.553 from
82.412 late Monday in North America.
MCX July crude oil futures
may open today’s session near Rs 5650 levels with support around Rs 5600
levels. The U.S. Commerce Department is due to release its third
estimate of gross domestic product for the first quarter today.
Source by Commodity Insights
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