Asia markets traded lower Wednesday, with investors slapping down Japanese stocks after the yen spiked overnight. Japan’s Nikkei Stock Average had thudded 1.8% lower by the end of the morning session, but it held on to the 13,000 level, trading at 13,072.61. Markets in China — including those in Hong Kong and Shanghai — were closed for the Dragon Boat Festival.
Crude oil for July delivery fell 90 cents, or 0.94%, to $94.49 a barrel, weighed by a report from the American Petroleum Institute that U.S. crude-oil stocks rose by nearly 9 million barrels for the week ending June 7. Analysts polled by Platts had expected no change.
The more closely watched supply data from the U.S. Energy Information Administration were due out later Wednesday at 10:30 a.m. U.S. Eastern time.
Investors this year have grappled with the issue of lofty oil supplies. Last week’s EIA report showed total U.S. crude supplies at 397.6 million barrels, the highest level since at least 1978, when the agency began collecting the data.
U.S. crude-oil futures and Brent crude prices fell on Tuesday fell as the Organization of the Petroleum Exporting Countries trimmed its oil-demand growth guidance for the year by 10,000 barrels per day from the prior month’s report. But OPEC said demand should increase by about 780,000 bpd in 2013.
MCX June crude futures are trading up Rs 2 at Rs 5519 per barrel. The traders may sell it around Rs 5525-30 levels with target of Rs 5490 and Rs 5470 levels with stop loss of Rs 5555 levels.
Source by Commodity Insights
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