Last Updated : 30 November 2012 at 10:30 IST
WTI Crude Oil: Where the sell orders are clustered for Friday?
Even as China raised its imports by 23%, refiners in Asia hiked West African crude oil purchases for loading in December to 1.76 million barrels a day, the highest in six months
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
NEW YORK (Commodity Online): The sell orders in WTI crude oil could be centered around $88.61 a barrel--the 50-day moving average --for Friday, a report appeared in Bloomberg said.
The commodity dropped as much as 0.7% subsequent to climbing 1.8% on Thursday which is the most since November 19. The rise was attributed to a Commerce Department report that said US economy grew by 2.7% last quarter, much higher than the previous estimates of 2%.
“The market climbed to the top-end of a range and people have grabbed some profits,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney to Bloomberg.
WTI crude oil for January delivery on the NYMEX dipped to $87.80 a barrel as of 10.21 am IST, a loss of 0.31%. Brent for January delivery meanwhile was seen trading at $110.47 a barrel, a drop of 0.08%.
In India's MCX, crude oil for December delivery was seen trading at Rs.4812 a barrel, a loss of 0.56% as of 10.24 am IST.
Moreover,even as China raised its imports by 23%, refiners in Asia hiked West African crude oil purchases for loading in December to 1.76 million barrels a day, the highest in six months, Bloomberg report showed.
- Indian Railways Commodity-wise freight income rises by 8.66% in April-May period Y/Y
- Copper witnessing a shift to permanently slower demand growth: Barclays
- MCX Lead bearish, Nickel negative; support 121.6 and 824
- MCX Crude Oil bullish; resistance 5830 and 5900
- MCX Silver sideways; support 43500, resistance 44200
- MCX Gold sideways to bullish; resistance 28150