Crude oil for April delivery are trading up 21 cents at $ 92.73 per barrel on the New York Mercantile Exchange. Yesterday, it shed $1.58, or 1.7%, to settle at $92.16 a barrel, logging its first fall in four sessions. Prices rose 0.3% on Monday to $93.74, ending at their highest level since Feb. 20.
Asian stocks were split between gains and losses in a choppy session on Wednesday, with a rejection by the Cypriot parliament of a European bailout plan fueling some uncertainty. South Korea's Kospi declined 0.7% and Australia's S&P/ASX 200 index fell 0.6%. However, Hong Kong's Hang Seng Index traded fractionally higher, while the Shanghai Composite index inched up 0.4%.
Crude-oil supplies fell unexpectedly for the week ended March 8, according to data from the American Petroleum Institute issued late Tuesday. Crude supplies declined by 1.4 million barrels. Analysts polled by Platts were looking for a 2.3 million-barrel climb. Gasoline inventories also fell by 3.1 million barrels, while distillate stockpiles lost 2.2 million barrels, the trade group said.
The API data come ahead of the more closely watched U.S. Energy Information Administration report due Wednesday.
Investors will be closely watching the outcome of the Federal Reserve's two-day meeting on Wednesday, as well as a press conference by Fed Chairman Ben Bernanke.
The energy traders will be watching closely for any sign of optimism about the outlook for 2013, 2014 and 2015. The central bank is not expected to change its threshold for hiking interest rates, now tied to a 6.5% unemployment rate, and it is expected to continue to buy Treasurys and mortgage-related assets at a pace of $85 billion a month.
MCX March crude oil futures may open today's session near Rs 5090 levels with resistance near Rs 5110-20 levels and support near Rs 5050 levels.
Source by Commodity Insights
No comments:
Post a Comment