Crude oil futures traded flat, restrained by the rise in US crude oil inventories. US Energy Information Administration reported that crude oil inventories rose 300,000 barrels.
Gasoline inventories grew 1.6mn barrels, while stockpiles of distillates climbed 1.2mn barrels.
Market participants anticipated a rise of 2.7mn barrels in crude oil stockpiles. Gasoline stocks were seen rising 100,000 barrels, while distillates were expected to fall 900,000 barrels.
NYMEX Crude (Mar)
Price indication: Prices have support at US$98.70/bbl and resistance at US$100.40/bbl.
MCX Crude (Feb)
Price indication: Prices have support at Rs4,850/bbl and resistance at Rs4,970/bbl.
MCX CMP: Rs424.80/kg MCX CMP: Rs4,897/bbl
Courtesy: IIFL
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