Oil........
Crude oil futures slipped in the mixed Asia trading today with the
dollar trading slightly higher ahead of the Bernanke testimony.
In Asia, the Hong Kong stocks rose and Japanese shares fell ahead of Federal Reserve Chairman Ben Bernanke’s congressional testimony later in the day. Hong Kong’s Hang Seng Index climbed 0.6%, Australia’s S&P/ASX 200 added 0.1%, and South Korea’s Kospi gained 0.8%, with all of them reversing early losses.
Japan’s Nikkei Stock Average fell 0.7% in Tokyo afternoon trading after ending at a seven-week high Tuesday, while the Shanghai Composite lost 0.2%, after changing direction a few times.
NYMEX light sweet crude oil is trading down 16 cents at $ 105.85 per barrel extending yesterday’s 32 cent loss during regular New York Mercantile Exchange trading.
Oil gave further ground after the Nymex close as the American Petroleum Institute reported a 2.6-million-barrel drop in U.S. crude inventories for the week ended July 12. A Platts survey of analysts had forecast a decrease of 2.5 million barrels.
Strength in the U.S. dollar also
pressurized oil today. The ICE dollar index edged up to 82.658 from late
Tuesday’s 82.599 levels. A rising U.S. currency can dampen prices of
dollar-denominated oil by making it more expensive in other currencies.
Forex markets are on edge ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke, due later Wednesday and again on Thursday. In comments last week, Bernanke had eased concerns that the Fed would quickly unwind its monetary stimulus, with the remarks weighing on the dollar.
MCX July crude oil futures may open today’s session near Rs 6220 levels with support near Rs 6190 – 70 levels.
Source by Commodity Insights
In Asia, the Hong Kong stocks rose and Japanese shares fell ahead of Federal Reserve Chairman Ben Bernanke’s congressional testimony later in the day. Hong Kong’s Hang Seng Index climbed 0.6%, Australia’s S&P/ASX 200 added 0.1%, and South Korea’s Kospi gained 0.8%, with all of them reversing early losses.
Japan’s Nikkei Stock Average fell 0.7% in Tokyo afternoon trading after ending at a seven-week high Tuesday, while the Shanghai Composite lost 0.2%, after changing direction a few times.
NYMEX light sweet crude oil is trading down 16 cents at $ 105.85 per barrel extending yesterday’s 32 cent loss during regular New York Mercantile Exchange trading.
Oil gave further ground after the Nymex close as the American Petroleum Institute reported a 2.6-million-barrel drop in U.S. crude inventories for the week ended July 12. A Platts survey of analysts had forecast a decrease of 2.5 million barrels.
Strength in the U.S. dollar also
pressurized oil today. The ICE dollar index edged up to 82.658 from late
Tuesday’s 82.599 levels. A rising U.S. currency can dampen prices of
dollar-denominated oil by making it more expensive in other currencies. Forex markets are on edge ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke, due later Wednesday and again on Thursday. In comments last week, Bernanke had eased concerns that the Fed would quickly unwind its monetary stimulus, with the remarks weighing on the dollar.
MCX July crude oil futures may open today’s session near Rs 6220 levels with support near Rs 6190 – 70 levels.
Source by Commodity Insights
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