Oil Flows Down Alongwith Yen

Oil......

Crude oil futures also tumbled down alongwith the Japanese Yen which fell below 101 against the US Dollar.

The Japanese yen fell Friday, stretching its loss against the U.S. dollar which spiked above the key psychological 100-yen level for the first time in four years.

Japanese stocks were propelled higher Friday after the U.S. dollar climbed atop the 100-yen level for the first time in four years. The Nikkei Average was on course for a weekly gain of more than 6%.

The dollar bought ¥101.16, up from late Thursday’s level of ¥100.48. The dollar managed to bounce above the ¥100 threshold after Thursday’s release of weekly U.S. jobless data, which came in better than anticipated.

Crude oil for June delivery is trading down 24 cents at $ 96.13 per barrel on the New York Mercantile Exchange. Yesterday, it declined 23 cents, or 0.2%, to settle at $96.39 a barrel. Earlier, it had reached an intraday low of $95.35.

Oil on Wednesday added 1.1% to settle at $96.62, its highest close for a most-active contract since April 2, after the U.S. Energy Information Administration reported a rise in crude supplies that was much less than expected.

The inventory gain lifted the total supply level for the week to 395.5 million barrels. That was the highest weekly level in at least 30 years, according to EIA data that stretches back to as far as August 1982.

MCX May crude oil futures may open today’s session near Rs 5200 levels with support around Rs 5170-60 levels.

Source by Commodity Insights