Saturday, 04 April 2015 10:34

Crude Oil May Fall on Increase in Stockpile

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Crude Oil prices expected to fall with the inventory release by Energy Information Administration (EIA). Tomorrow EIA will release inventory data at 1530 GMT.

According to analysts expectation stockpile is expected to increase by 2.2 million barrels (mnb). This will be the second consecutive increase after 7 weeks fall. Last week inventory rose by 1.0 mnb from earlier fall of 7.7 mnb. Today at evening American Petroleum Institute will also release inventory data.

Slowing growth at China has rose concern on crude oil demand but strong economic results of Euro countries and U.S. may push prices up in long run. Crude oil prices are expected to remain near to $96 till the end of March, 14.

Fed decision on tapering and U.S. GDP data will decided further movement of Crude oil prices during this week.

Crude oil at international market is up by 0.07% at $95.79. In other energy commodities Brent crude oil is trading at $106.85 up by 0.15%, Natural gas at $4.94 up by 1.98% after steep fall and Gasoline $262.80 up by 0.24% at 0720 GMT.

 

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