Last Updated : 29 December 2012 at 11:20 IST
Crude Oil rally halted on gasoline stocks, low trade volume
Source :Commodity Online
WTI Crude Oil has fallen to $90.80 per barrel at close of trade on Friday with trade volume falling sharply to 147684 contracts from the previous 163914 contracts, according to CME Group data. rose to 223.1 million barrels last week and distillate inventories gained.
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CHICAGO (Commodity Online): Crude Oil’s recent upward move has been temporarily halted on Friday as gasoline supplies climbed to nine-month high on weaker demand.
WTI Crude Oil has fallen to $90.80 per barrel at close of trade on Friday with trade volume falling sharply to 147684 contracts from the previous 163914 contracts, according to CME Group data. rose to 223.1 million barrels last week and distillate inventories gained.
The upward movement in prices was halted as US government said gasoline stockpiles rose to 223.1 million barrels last week and distillate inventories gained.
Brent oil for February settlement slid 18 cents to $110.62 a barrel on the London-based ICE Futures Europe exchange. The number of contracts trading was 44 percent lower than the 100- day average. Brent rose 1.5 percent this week.
"On daily charts, WTI crude Oil Feb has hit resistance at 91.49 levels and it looks like it could go in either direction," Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online said.
CME Group Energy report of Friday said, February crude oil prices began Friday's session with a higher high but uncertainty surrounding the fiscal cliff and a smaller than expected E IA inventory draw took the market lower. EIA data showed a smaller than expected draw in crude supply last week of 586,000 barrels. Crude oil imports for the week stood at 8.025 million barrels per day compared to 8.399 million barrels the previous week. The refinery operating rate was down 1.2% to 90.3%. The product markets sold off to new low territory on the session after the data showed rather large inventory builds. EIA gasoline stocks rose 3.782 million barrels, much larger than expectations. EIA distillate stocks rose 2.423 million barrels, which compares to expectations for a modest decline.
