Last Updated : March 12, 2010 18:09
NYMEX crude surges to two months high
MUMBAI (Commodity Online): Crude Oil futures in the international market registered a modest gain Friday on the back of the improved US job data coupled with rise in the retail sales and industrial production.
NYMEX light sweet crude oil futures jumped to 2 month high of $ 83.03 per barrel on 10th March, up more than 4% since late last week in February. MCX crude oil futures also neared the Rs 3800 levels gaining by over 2.5% or over Rs 100 per barrel. The Rs 3800 level may serve as a good resistance with support around Rs 3600 levels.
China's industrial production accelerated by 20.7% in February year on year. It was 16.9 percentage points higher than that a year ago. China's total retail sales of consumer goods reached 2,505.2 billion yuan in February, a year-on-year rise of 17.9%, which was 2.7 percentage points higher than that a year ago.
NYMEX light sweet crude oil futures jumped to 2 month high of $ 83.03 per barrel on 10th March, up more than 4% since late last week in February.
Trading platform that even a 5 year old can trade. Join nowCrude oil April contracts on NYMEX closed yesterday at $82.11 with a gain of 0.02 percent. Yesterdays US weekly job data came above market expectations and were slightly negative for the oil market.
Economic data from Germany and Euro zone in the form of wholesale price index and industrial production respectively are expected to show rising inflation in Germany and rising industrial growth in Euro zone.
While higher inflation in Germany may result in a weaker euro and consequently result in prices trading lower, higher industrial production growth may see oil prices rising. Data from US in the form of advance retail sales and business inventories may show a decline in sales and rising inventories.
As a result both data are expected to have a negative impact on prices. Reuters/Michigan Consumer sentiment index which is rising may support oil prices to trade higher. Overall the data in the evening may result in oil prices trading lower.
MCX Tin 30 April 2012
contract was trading at
Rs 1077.75 . What's your view on it?
