Nymex crude oil prices declined by 1.2 percent yesterday on the back of more than expected rise in US crude oil inventories as per the American Petroleum Institute data.
Additionally, a stronger dollar index and Fed’s decision for not going for monetary easing exerted downside pressure on the prices of the commodity.
Oil prices touched an intra-day low of $103.59/bbl and closed at $104/bbl in yesterday’s trading session.
On the MCX, prices declined by 0.7 percent and closed at Rs.5,298/bbl after touching an intra-day low of Rs.5,291/bbl on Tuesday.
API Inventories Data
As per the American Petroleum Institute (API) report released yesterday, US crude oil inventories increased more than expected by 7.8 million barrels for the week ending on 30th March 2012.
Gasoline inventories fell by 4.5 million barrels and whereas distillate inventories also declined by 1.4 million barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release it weekly inventories report today at 8:00pm IST and US crude oil inventories are expected to rise by 2.2 million barrels for the week ending on 30th March 2012.
Gasoline stocks are expected to decline by 1.4 million barrels whereas distillate inventories are also expected to fall by 0.4 million barrels for the same period.
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Crude Oil Weighs Down On Rising US Inventories
Published 04/04/2012, 04:29 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Weighs Down On Rising US Inventories
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