Crude oil futures jumped above $94 per barrel in Asia electronic session today on news that Cyprus and its international lenders reached a bailout agreement removing fears of the nation's exit from the euro zone.
Under the broad terms of the bailout agreement, Cyprus will receive 10 billion euros ($13 billion) in bailout funds for its banks, while depositors holding less than €100,000 in their accounts will be spared from any deposit taxes.
Light sweet crude futures for
delivery in May are trading up 40 cents at $94.11 per barrel on the New
York Mercantile Exchange. On the week, New York-traded oil futures
gained 0.3%, the third consecutive weekly gain.In the week ahead market participants will also be watching German data on retail sales on Tuesday amid concerns over the economic outlook for the euro zone and an Italian government debt auction on Thursday.
Oil traders will also be looking ahead to a flurry of data from the U.S., including reports on durable goods orders, home sales and consumer confidence.
At the same time, U.S. oil stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, are declining as new pipelines relieve a supply glut there. Indications that the U.S. economy is improving has also lifted sentiment on the New York-benchmark.
MCX April crude oil futures may open today's session near Rs 5120 levels with resistance near Rs 5140 levels and support near Rs 5100 levels.
Source
by Commodity Insights
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