Nymex crude oil prices increased by 0.3 percent on Wednesday, on account of less than expected rise in US crude oil inventories coupled with supply concerns from Iran. Oil prices touched an intra-day high of $100.09/bbl and closed at the level of $98.7/bbl yesterday.
On the MCX, crude oil prices increased by 0.3 percent and ended its trading session at Rs.4875/bbl after touching an intra-day high of Rs.4933/bbl on Wednesday.
EIA Inventories Data
As per the US Energy Department (EIA) report released yesterday, US crude oil inventories increased by 304,000 barrels to 339.2 million barrels for the week ending on 3rd February 2012. Gasoline stocks rose by 1.63 million barrels to 231.8 million barrels, whereas distillate stockpiles also shoot up by 1.17 million barrels to 146.6 million barrels for the last week.
Outlook
Crude oil prices are expected to trade with a positive bias today, on the back of supply concerns from Iran. However, sharp gains will be capped due to increasing worries over global economy and dollar strength.
Courtesy: Angel Commodities
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