Oil Dips Below $94 In Asia

Oil.....

Crude oil futures dipped below $94 a barrel in the Asia electronic session today on appreciation in the US Dollar. Jump in the Japan first quarter GDP was also of little help to oil.
Japan's economy expanded at a faster-than-expected rate in the first quarter of 2013, driven by higher household consumption and exports, showed government data released Thursday. The gross domestic product grew 0.9% in the January-March period from the quarter ended Dec. 31, after adjusting for inflation.
On an annualized basis, the quarterly growth represents a 3.5% increase, according to figures released by the Cabinet Office. The first-quarter growth is three times the 0.3% quarter-on-quarter expansion recorded in the last three months of 2012, which itself followed two quarters of contraction.
Crude-oil prices for June delivery is trading down 37 cents at $93.94 a barrel on the New York Mercantile Exchange. Yesterday, it rose 9 cents, or 0.1%, to settle at $94.30 a barrel after tapping an intraday low at $92.13. They tallied a loss of 2.7% over the past four trading sessions.
Prices during the trading session had dropped by more than 2% to touch a low under $93 a barrel as weak euro-zone economic data weighed on prospects for energy demand and fueled a rise in the dollar.
U.S. crude supplies fell 600,000 barrels for the week ended May 10, according to the Energy Information Administration. Analysts polled by Platts had expected a 300,000-barrel climb.
Even so, at 394.9 million barrels, stockpiles were still high. Last week’s total of 395.5 million was the highest weekly level in at least 30 years, according to EIA data that stretches back to as far as August 1982.
Official data showed the French economy slipped into a recession in the first quarter, and that Germany’s gross domestic product rose a less-than-expected 0.1%. Data Wednesday also showed that the euro-zone economy contracted 0.2% in the first quarter, worse than expectations for a 0.1% contraction.
Oil traders continued to keep a cautious eye on the dollar as well as the latest economic indicators in the U.S. and abroad.
MCX May crude oil futures may open today’s session near Rs 5130 levels with support near Rs 5090 and Rs 5055 levels.
Source by Commodity Insights