Last Updated : 09 January 2013 at 10:50 IST
Crude Oil: Short- to medium-term uptrend in place
The EIA forecasts that crude consumption around the world is expected to climb to record levels.
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LONDON (Commodity Online): With key inventory data about to be released tonight by US Energy Department, crude oil prices may exhibit some volatility intra-day according to analysts.
“Overall, the markets remain firm. We do see wobbles during the course of the day but it is quite clear that we have a short- to medium-term uptrend in place and that’s consistent with the global industrial growth expectations.”said Michael McCarthy, a chief market strategist at CMC Markets in Sydney to Bloomberg News.
On the NYMEX crude prices were a bit higher Tuesday. The prices closed at $93.15 a barrel and as of 10.45 AM, Wednesday was spotted trading at $92.95 a barrel which is a loss of $0.20 or 0.21%. On the ICE Futures Europe, prices closed at $112.11 a barrel and on 10.47 AM IST, Wednesday, prices stood at $111.68 a barrel, a loss of $0.43 or 0.39%.
On India's MCX, crude oil for delivery on January 21 was seen trading at Rs.5119 a barrel, a loss of 0.02% as of 10.38 AM IST.
According to the American Petroleum Institute data, U.S. crude stocks climbed 2.4 million barrels last week.
The Energy Information Administration data scheduled for today may show crude stocks climbing by 2 million barrels, Bloomberg survey said.
“We’ve got inventory numbers tonight and with a forecast increase that keeps stockpiles at very elevated levels,” said Michael McCarthy.
The EIA meanwhile forecasts that crude consumption around the world is expected to climb to record levels.
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