U.S. benchmark crude’s July contract lost 40 cents, or 0.1%, to $95.37 a barrel, extending a 0.3% loss during Monday’s New York Mercantile Exchange trade which sent the futures below the $96 mark. Oil futures tick lower ahead of key energy reports due later in the day.
The losses preceded the release of month forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the U.S. Department of Energy.
The markets were also waiting on weekly U.S. supply data from the American Petroleum Institute, which was due out at 4:30 p.m. U.S. Eastern time.
In currencies, the dollar edged lower in early Tuesday trading, with the yen higher after Japan’s central bank offered no new easing moves in its latest policy decision. The Japanese yen gained ground after the Bank of Japan disappointed some market participants who had wanted it to extend the duration on its ultra-low-interest loans to banks.
The dollar slumped following the decision, quickly dropping to ¥97.94 from ¥98.69 moments ahead of the decision. However, the greenback later pared its losses, rising back to ¥98.30, though still below its ¥98.64 level late Monday in North America.
MCX June crude oil futures are trading at Rs 5608 up more than Rs 30 per barrel. The counter may find support near Rs 5570 levels with resistance near Rs 5650 levels.
Source by Commodity Insights
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