On a weekly basis, Nymex crude oil prices gained marginally by 0.3 percent on the back of decline in US unemployment rate and fears over supply disruptions from Iran.
However, sharp gains were capped on account of a stronger dollar and rise in US crude oil inventories. Oil prices retreated from the low of $101.08/bbl and closed at $103.31/oz last week.
On the MCX, prices declined by 0.4 percent last week and closed at Rs.5,281/bbl after touching a low of Rs.5,197/bbl during the week.
Crude Oil Inventories
As per the US Energy Department (EIA) report released last week, US crude oil inventories increased sharply by 9.0 million barrels to 362.4 million barrels for the week ending on 30th March 2012.
Gasoline stocks dropped by 1.5 million barrels to 221.9 million barrels, whereas distillate stockpiles remained unchanged at 135.9 million barrels for the last week.
News
Iran has agreed to resume its nuclear talks and negotiations between Iran and five United Nations Security Council members including Germany will take place on 14th April in Istanbul.
The Tehran government is under economic pressure from trade, financial and energy sanctions.
Natural Gas
Nymex natural gas prices declined around 1.5 percent on a weekly basis on the back of more-than-expected rise in US natural gas inventories coupled with warmer weather forecasts.
Additionally, a stronger US Dollar Index also exerted downside pressure on the prices. Gas prices touched a low of $ 2.069/mmbtu during the week and closed at $ 2.093/mmbtu.
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Crude Oil Ends Higher On Global Supply Concerns: April 9, 2012
Published 04/09/2012, 05:58 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Ends Higher On Global Supply Concerns: April 9, 2012
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