Nymex crude oil prices increased by more than 2 percent yesterday as sanctions on Iranian crude oil got more tighten after New York based Overseas Ship holding Group Frontline Ltd stop loading over 100 super oil tanks. Additionally, a weaker dollar also acted as a supportive factor for oil prices.
Crude oil touched an intraday high of $10.91/bbl and closed at the same levels yesterday. On the MCX, prices increased by 1 percent and closed at Rs.4953/bbl after touching an intra-day high of Rs.4964/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 1.9 million barrels for the week ending on 10th February 2012.
Gasoline stocks are expected to increase by 0.4 million barrels and distillate inventories are expected to decline by 1.2 million barrels for the same week.
Courtesy: Angel Commodities
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