Nymex crude oil prices decreased by 0.2 percent yesterday on the back of gasoline consumption which fell to its lowest in 10 years.
However, further downside in prices was restricted because of a weaker dollar. Oil Prices touched an intra-day low of $99.98/bbl and closed at $100.4/bbl. On the MCX, prices declined by 0.3 percent and closed at Rs.5047/bbl after touching an intra-day low of Rs.5031/bbl on Thursday.
But overall fundamentals for the near-term remain bullish on account of rising supply-side concerns. Potential supply disruptions from Iran are helping oil prices sustain above the crucial $100/bbl mark.
EIA Inventories Data
As per the US Energy Department (EIA) report last night crude oil inventories decreased by 3.4 million barrels for the week ending on 13th January, 2012. Gasoline stocks rise by 3.7 million barrels and whereas distillate stockpiles also shoot up by 400,000 barrels for the last week.
Courtesy: Angel Commodities
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