Crude oil futures headed towards $93 a barrel in Asia electronic session today boosted by surprise fall in inventories. The market also factored in a monthly report from the Organization of the Petroleum Exporting Countries, which left its forecast for world oil-demand growth unchanged.
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. The API data come ahead of the more closely watched U.S. Energy Information Administration report due Wednesday.
Crude oil for April delivery is trading up 14 cents at $ 92.68 per barrel on the New York Mercantile Exchange. Yesterday, it rose 48 cents, or 0.5%, to settle at $92.54 a barrel. That was the highest settlement for a front-month contract since Feb. 27. Prices had traded as high as $93.47 during the session.
In its monthly report released Tuesday, the Organization of the Petroleum Exporting Countries said it expected world oil demand to grow by 800,000 barrels a day in 2013, unchanged from its previous forecast. OPEC said growth in non-OPEC oil supply of around 1 million barrels a day would cut into the organization’s market share.
The IEA will issue its latest monthly oil report Wednesday. A monthly report Tuesday from the U.S. Energy Information Administration left various forecasts mostly unchanged from the February forecast.
The EIA said Brent crude-oil prices will average $108 a barrel this year, down from the February forecast for $109. It left its average U.S. regular gasoline price forecast at $3.55 a gallon for 2013 and lowered its 2014 view by a penny to $3.38.
MCX March crude oil futures may open today’s session near Rs 5040 levels with resistance near Rs 5070-90 levels and support near Rs 5010 levels.
Source by Commodity Insights
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