Nymex crude oil prices declined by 1.2 percent yesterday on the back of the news that Iran has agreed to resume its nuclear talks with US and its allies that eased the supply worries.
Additionally, unfavorable inflation data from China created demand concerns for crude oil from the country.
However, a further downside in prices was restricted on account of a weaker Dollar Index. Oil prices touched an intra-day low of $100.81/bbl and closed at $102.10/bbl in yesterday’s trading session.
On the MCX, prices declined by 0.8 percent and closed at Rs.5,238/bbl after touching an intra-day low of Rs.5,193/bbl on Monday.
API Inventories Forecast
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to increase by 2.1 million barrels for the week ending on 6th April 2012.
Gasoline stocks are expected to decline by 1.0 million barrels and distillate inventories are also expected to rise by 0.1 million barrels for the same week.
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Crude Oil Weighs Down On Global Supply Worries
Published 04/10/2012, 06:00 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Weighs Down On Global Supply Worries
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