Nymex crude oil prices declined by 0.8 percent yesterday, taking cues from rising concerns over Europe’s debt crisis coupled with a stronger dollar.
Additionally, weak sentiments in the global markets also acted as a negative factor.
Oil Prices touched an intra-day low of $98.43/bbl and closed at $98.8/bbl. On the MCX, crude oil prices ended on a flat note and closed at Rs.4945/bbl after touching an intra-day low of Rs.4916/bbl on Monday.
API Inventories Forecast
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and crude oil inventories are expected to increase by 1.5 million barrels for the week ending on 27th January 2012. Gasoline stocks are expected to rise by 1.1 million barrels and distillate inventories are expected to decline by 1.2 million barrels for the last week.
Courtesy: Angel Commodities
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