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The U.S. Energy Information Administration said last week that crude oil inventories rose by 3.52 million barrels last week to hit at an all-time high of 397.7 million.

28 Apr 2014

SINGAPORE (Commodity Online): In early Asian trade, Crude oil prices gained on Ukraine crisis.WTI crude Oil for June delivery at Nymex has risen marginally by $101.08 per barrel while Brent Crude oil jumped close to $110 per barrel at $109.82.

Continued crfisis in UKraine is providing support for energy complex, analysts said. Pro-Russian militants in Ukraine had yesterday presented a captured team of eight international observers on a military inspection mission as "prisoners of war".

The latest development raised the stakes in the crisis as US President Barack Obama warned Moscow against continued “provocation’’.

The U.S. Energy Information Administration said last week that crude oil inventories rose by 3.52 million barrels last week to hit at an all-time high of 397.7 million.

Meanwhile, SMC Comtrade in its daily report pointed out that at India's Multi Commodity Exchange, crude oil could witness lower level buying. Overall it can move in range of 6100-6170 in MCX. Brent rebounded from its biggest loss in almost three weeks as the U.S. said it will impose more sanctions on Russia, the world’s biggest energy exporter, as the Ukra ine crisis escalates.

Representatives of the 28 European Union nations will meet today to widen a list of people subject to asset freezes and travel bans, an official from the bloc said over the weekend. The sanctions will target 15 Russians in positions of power, another diplomat said. Both asked not to be identified because of the sensitivity of the matter. Natural gas may trade in range of 282-292 in MCX. 

Meanwhile, India's Ministry of Petroleum and Natural gas said that import price of crude oil has rien to US$107.59 a barrel on Friday due to increase in price in dollar terms and Rupee depreciation. Prices have steadily increased over the month from $104.25 a barrel as global uncertainities continue to perk up Oil. 


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