Crude oil slipped below USD 108 a barrel on Friday as investors look ahead to key jobs data from the United States for more signs of stock economic recovery, which would boost fuel demand.
United States and China this week pointed to some stabilization in the global stock market recovery trend, but investors remained skeptical about a sustained improvement in the fragile stock economy.
Brent crude oil for Dec had edged down 21 cents to USD 107.94 a barrel by 0429 GMT, while US crude oil for December was down 25 cents at USD 86.85.
“Everyone is waiting for the jobs data tonight,” said Ken Hasegawa, a commodity sales manager in Japan. Our Commodities advises buying crude oil on MCX at Rs 4,600 per barrel for targets of Rs 4,710- 4,750 per barrel.
“The global stock economy is looking better than last, but there is still a lot of uncertainty in Europe and the US.”
Factory activity in India at Asia’s large stock economies started to pick up steam in Oct after a year of slower growth, surveys revealed on Friday, while US production revealed moderate improvement.
Crude Oil inventories fell unexpectedly last week as imports dropped sharply, while oil product inventories were mixed as refinery utilization raised, government data showed on Thursday.
Today Crude Oil stocks dropped by 2.04 million barrels in the week to 26 October, the government figures showed. That compared with analyst forecasts in a Reuters poll for a rise of 1.5 million barrels.
“The narrative of ample crude oil stocks and low refined product inventories remains intact despite the latest weekly changes to inventories,” Analysts said in a note.
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Crude oil traded near a three-day high and settled up by 1.43% at 4419 after reports showed U.S. retail sales fell less than expected and crude supplies slipped a second week, stoking speculation fuel demand in the world’s biggest crude consumer will increase.
Crude oil futures traded weak in the Tuesday evening session posting quite a losses on Multi Commodity Exchange (MCX). NYMEX prices were too seen in downward mode.
June crude oil price at New York Mercantile Exchange (NYMEX) traded down at USD 96.78 a barrel.
MCX crude oil June contract traded at Rs 4,334 [-22.00] a barrel. Volume consisted of 57,414 lots fluctuating between Rs 4,382 and 4,326. Far month contracts July and August contracts traded at Rs 4,385 [-24.00] and at Rs 4,443 [-19.00] a barrel respectively.
China’s industrial growth and better than expected U.S. retail sales edge on the last business Naimacs crude oil with a lead of 2.1 per cent to close at 99.37 dollars a barrel. That fall with crude oil at the moment Naimacs trading at 99.25 dollars a barrel is. Aesie Brent crude at $ 120 a barrel has been able to go beyond.
Then $ 100 a barrel crude oil in international market is approaching. Although at the moment Naimacs seems crude is down slightly.
Crude oil trading is slow today. Estimates due to reduced demand on crude oil $ 98 Naimacs has also come down.
Crude trading range is 4286-4498.
Crude oil ended firm after industry data showed that domestic crude inventories fell twice than forecast.
Crude looks to test support at 4353 and resistance is seen at 4459.
Today crude oil inventories: EXP: -0.9M PREV: -4.8M.
CRUDE OIL TIPS : Oil continue up move…and slightly higher on worries over fighting in Libya and anti government protests throughout the Middle East . Last week from the low of 4377 it was made a high 4625 and finally managed close above 4543. In this week, we can expect trend decider 4515 and resistance 4629 watch out.
Crude Oil :As we have rightly predicted in out last report that prices might bounce back till 4650 levels, but it didn’t bounce back that level.
Technically speaking prices has formed Flag pattern and RSI is also form-ing the Ascending triangle. Prices has also formed a very strong resistance 4640 levels.
For the coming week we expect price to bounce back till 4670 levels in crude oil updates , with a strong support of 4456 level.
Crude oil dropped after hitting highs above $92 per barrel today as the investors locked in profits after the massive gains in the last session. The Asian equity markets closed with modest gains today after a drubbing in the last session as the worries about the unrest in Egypt eased somewhat.
The commodity rallied yesterday to settle at its highest level in more than two years on Monday as traders worried about protests in Egypt and strong economic data from the US. The Crude oil futures for March delivery added $2.85, or 3.2% to close at $92.19 a barrel on the New York Mercantile Exchange. That was the best settlement for a most-active oil contract since Oct. 3, 2008, when oil settled at $93.88 a barrel.
Markets were worried that the Egypt unrest could hurt the global oil supplies given that the country is a key oil-transit route with the important Suez-Mediterranean, or Sumed, pipeline and the Suez Canal. The oil bulls also eyed an uptick in the US markets and falling US dollar, pulling the prices above $92 levels.
The prices slowly dropped today and the trend turned lower once the $92 levels gave up. The commodity quotes at $91.49 per barrel, down 70 cents on the day. The prices look likely to find a support near $91 per barrel. MCX Crude oil futures are quoting at Rs 4204, down Rs 25 or 0.60% on the day with 2.65% drop in the open interest.
MCX Crude oil futures are trading slightly lower in the early moves. The commodity faced some selling pressure in the Asian trades, topping out at $82.50 per barrel but the local futures are still trying to price in a surge in the late New York trades last night. The commodity went up yesterday amid a firm undertone in commodities as dollar dropped following the G20 meet and stocks recorded modest gains. The worlds finance ministers announced an avoidance of competitive currency devaluation over the weekend, leading to todays substantial dollar weakness. The greenback hit a fresh 15-year low against the yen while also sliding against the euro and the British pound.
Light, sweet crude for December delivery gained 83 cents, or 1%, to end at $82.52 a barrel on the New York Mercantile Exchange, after trading as high as $83.28 earlier in the session. A report from the National Association of Realtors that showed a 10% increase in sales of existing homes in September also helped oil.
US stocks saw modest gains to open the week on Monday, as the dollar weakened in the wake of comments from the G20 indicating little willingness of other nations to participate in devaluing their currencies. The major averages all saw some downside in late-session dealing but still managed to close at their best levels in nearly six months. The Dow gained 31.49 points or 0.3% to close at 11,164.05.
Crude dropped in Asia, currently quoting at $82.13, down 39 cents from the previous close as traders booked profits amid mixed equities and a modest rebound in the US dollar. MCX Crude oil futures for November hit a high of Rs 3715 per barrel yesterday and closed at Rs 3661 per barrel. The counter edged up in the first hour and half, hitting a high of Rs 3680 per barrel and currently trading at Rs 3672, up Rs 11 or 0.30% from the previous close. Watch out for more clarity and it looks that a tight sideways activity could be up ahead in the day session.