Nymex crude oil prices increase more than 1 percent yesterday, taking cues from decline in US unemployment claims coupled with Greece political leaders reaching an agreement on austerity measures. Additionally, a weaker dollar also acted as a positive factor for the commodity.
Oil prices touched an intra-day high of $100.18/bbl and closed at $99.8/bbl on Thursday. On the MCX, prices increased by 1.4 percent and closed at Rs.4942/bbl after touching an intra-day high of Rs.4953/bbl on Thursday.
Crude Oil News
The Organization of Petroleum Exporting Countries (OPEC) has cut its 2012 forecast for global crude oil consumption by 120,000 barrels a day to 88.76 million. The US Energy Department (EIA) also reduced its world demand forecast for the year to 89.25 million barrels a day in February from 89.38 million in January.
Outlook
We expect crude oil prices to trade lower today taking cues from negative demand forecast from OPEC and EIA and dollar strength.
Additionally, weak sentiments in the global markets will also act as a negative factor for oil prices today.
Courtesy: Angel Commodities
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