Weekly Energy Wrap Up: Light Sweet Crude Spurts On Expected Summer driving Season Demand In US

Oil.....

WTI Crude Oil futures for May expiry closed at $ 93 per barrel, up by 5.3 percent in the week. Expectations of demand pick up ahead of summer driving season in US eradicated the worries relating to poor PMI numbers in China, Eurozone and US. Decline in gasoline stocks along with rise in crude stockpiles which were lower than expectations brought cheers back in the prices of Brent and West Texas Intermediate Crude oil futures. There are also expectations that the European Central Bank (ECB) will lower its interest rates in order to help its ailing economy. This can bring commodities demand from Eurozone.
Energy Information Administration (EIA) reported that Crude oil inventories for the adjusted annual rate of 2013 increased to 947000 barrels compared to expectations of increase by 1.5 million barrels. Meanwhile world's second largest consumer of Crude China reported that the Crude oil inventories increased by 2.2 percent in March.
China Crude oil imports were 22.78 million tonnes in March. China has also slashed its gasoline and diesel prices in order to bring down its inflation. The move was taken by National Development and Reform Commission (NDRC) after the fall in global crude prices
Source by Commodity Insights