Last Updated : 21 November 2012 at 10:25 IST
Crude Oil: The focus is on supply data, Gaza conflicts
Source :Bloomberg
Crude oil prices have rebounded from the biggest loss in two weeks as reports came in that stockpiles of US crude depleted by 1.9 million barrels in the seven days ended Nov. 16. Yesterday's loss of 2.8% was due to a declaration from Hamas that a draft accord on ceasefire was almost ready for Gaza.
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NEW YORK(Commodity Online): The volatility in crude oil prices has taken a pause and all eyes are trained on the release of oil supply data by Department of Energy, US government, as much as they are on developments in Gaza.
“The stockpile numbers have been volatile and we’ll look to the DOE data” for direction, said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney, to Bloomberg. “Anything in the Middle East takes precedence. It’s a kneejerk reaction to drop 2.8 percent, I’m sure the troops are still there.”
Crude oil prices have rebounded from the biggest loss in two weeks as reports came in that stockpiles of US crude depleted by 1.9 million barrels in the seven days ended Nov. 16. Yesterday's loss of 2.8% was due to a declaration from Hamas that a draft accord on ceasefire was almost ready for Gaza.
Brent crude for January delivery was seen trading at $110 a barrel a loss of 0.1% on 10.13 am IST. WTI crude for the same month was found trading at $86.76 a barrel a gain of 0.01%.
On India's MCX, crude oil for December delivery climbed by 0.42% and was at Rs.4825 a barrel as of 10.17 am IST.
Meanwhile, Israeli PM Benjamin Netanyahu has told US Secretary of State Clinton that he favours a diplomatic solution to the conflict and regular rocket firings from Hamas.
“But if not, I’m sure you’ll understand Israel will have to take whatever action is necessary to defend its people,” he said as the two spoke to reporters and was quoted by Bloomberg.
