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Crude Oil Declines On US Inventory Data, To Trade Higher

ByCommodityOnline
Published 06/18/2012, 04:37 AM
Updated 05/14/2017, 06:45 AM

Nymnex crude oil gained 0.1% last week as US crude oil inventories declined at a lesser rate than expected, according to American Petroleum Institute (API) data. This along with OPEC's decision to keep production levels unchanged, impacted oil prices while weakness in Dollar Index supported prices.

Crude prices touched a low of $81.07/bbl during the week and closed at $84/bbl on Friday. On the domestic bourses, prices gained around 1 percent in last week and closed at Rs.4,666/bbl on Friday.

Crude oIl prices may gain on weakness in dollar while at India’s Multi Commodity Exchange, appreciation of rupee will cap further gains in prices.

Nymex crude oil support 84.30/83.70; resistance 85.80, 86.,70; MCX crude oil June contract support 4630, 4600, resistance 4710, 4760.

Crude oil can trade with firm path taking cues from positive international prices. Oil rose to the highest in a week as projections showed the two largest pro-bailout parties in Greece winning enough seats to forge a parliamentary majority, easing concern Europe’s debt crisis will worsen and crimp demand.

Nymex Natural Gas Zooms 6.5% On Inventory Data
Less than expected gains in US natural gas inventories helped push Nymex natural gas futures higher b6 6.5% last week helped by weakness in Dollar Index.

Gas prices touched a high of $2.557/mmbtu last week and closed at $2.46/mmbtu in last trading session of the week. On the domestic front, prices increased more than 7.5 percent and closed at Rs.137/mmbtu on Friday.

Natural gas may extend uptrend on Monday on outcome of Greek elections which could be helpful for resolving eurozone crisis. At India’s Multi Commodity Exchange (MCX), natural gas will be impacted by appreciation of Indian rupee.

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