Nymex crude oil prices declined by 1.5 percent Thursday on the back of a more-than-expected rise in US crude oil inventories which rose twice than the forecast coupled with a stronger Dollar Index.
Oil prices touched an intra-day low of $102.19/bbl and closed at $102.67/bbl on Wednesday. On the MCX, crude oil prices declined by 0.8 percent and closed at Rs.5,324/bbl after touching an intra-day low of Rs.5,311 yesterday.
EIA Inventories Data
As per the US Energy Department (EIA) report released yesterday, US crude oil inventories raised twice than expected by 3.9 million barrels to 369.0 million barrels for the week ending on 13th April, 2012.
Gasoline stocks dropped by 3.7 million barrels to 214.0 million barrels and whereas distillate stockpiles also declined by 2.9 million barrels to 129.0 million barrels for the last week.
News
As per the Iraq’s Deputy Prime Minister Mr. Hussain al-Shahristani, world crude oil market is quiet balanced. There is also no need for Organization of Petroleum Exporting Countries (OPEC) to change its production quotas if crude oil demand remains at current levels.
OPEC ministers are scheduled for a meeting in Vienna on 14th June 2012. Iraq is also hosting an international diplomatic gathering in May for the discussion on Iran’s alleged efforts of developing the nuclear weapons as sanctions have restricted buyers for the crude oil from Iran.
In response to this Iran has threatened to shut the Strait of Hormuz which transit one fifth of world’s oil.
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Crude Oil To Weigh Down On Rising US Inventories: April 22, 2012
Published 04/20/2012, 05:14 AM
Updated 05/14/2017, 06:45 AM
Crude Oil To Weigh Down On Rising US Inventories: April 22, 2012
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