Wednesday, 25 March 2015 18:01

Crude Oil Gains Before EIA Inventory Release

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Market Condition

MCX crude oil Jan contract crossed ‚6200, in intraday trading on US inventory fall. The commodity gained 0.13% with the high of ‚6217 after market opening while WTI gained by 0.01% and traded near to $99.56 at Asian Markets.

Crude Oil Inventory

Crude Oil Inventory is expected to fall at 1.9 million barrels for week ended Dec 20th. On Tuesday American Petroleum Institute reported increase of 500,000 barrels in crude oil stockpile that surprised the market. Market may wait for today Energy Information Administration data release before making big bets.

Market Demand

Improving demand from China and US and recovering global economies may raise demand for oil. The commodity may trade within the range of ‚6180 to ‚6220 at domestic exchange and $99.17 to $99.82 at overseas exchanges.

Other energy commodities are little down today. Natural gas Jan future is down by 0.65% at $4.404, Brent Crude Feb future is down by 0.39% at $111.54 and Gasoline Jan future is down by 0.10% at $281.71.

Read 1048 times Last modified on Thursday, 02 April 2015 13:13