Nymex crude oil prices declined by 0.3 percent yesterday taking cues from unfavorable economic data from the US coupled with rise in US crude oil inventories.
Additionally, a stronger dollar also exerted downside pressure on the commodity. Prices touched an intra-day low of $97.86/bbl and closed at $98.5/bbl.
On the MCX, prices declined by 0.4 percent and closed at Rs.4927/bbl after touching an intra-day low of Rs.4916/bbl on Tuesday.
API Inventories Data
As per the American Petroleum Institute (API) report released yesterday, US crude oil inventories increased by 2.1 million barrels for the week ending on 27th January 2012.
Gasoline inventories declined by 222,000 barrels and distillate inventories rose by 970,000 barrels for the same week.
EIA Inventories Forecast
The US Energy Department (EIA) is scheduled to release it weekly inventories report today and US crude oil inventories are expected to increase by 2.4 million barrels for the week ending on 27th January 2012.
Gasoline stocks are expected to increase by 1.0 million barrels whereas distillate inventories are expected to decline by 1.4 million barrels for the same period.
Courtesy: Angel Commodities
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