Oil.......
Crude oil futures slipped in the Asia electronic session trading as
investors booked profits after the metal rallied yesterday buoyed by a
drop in U.S. supplies that was nearly three times more than expected.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories dived 6.90 million barrels to 367.00 million barrels last week, but are in the upper half of the average range for this time of year. The week before, crude oil inventories dipped 9.90 million barrels to 373.90 million barrels.
Late Tuesday, data from the API revealed that U.S. crude oil inventories shed 2.60 million barrels
NYMEX light sweet crude oil futures are trading down 26 cents at $ 106.09 per barrel. Yesterday, it added 48 cents, or 0.5%, to settle at $106.48 a barrel on the New York Mercantile Exchange. The contract fell 32 cents on Tuesday.
Meantime, U.S. crude oil imports during the week averaged 7.70 million barrels per day last week, up by 180,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.70 million barrels per day, which were 1.10 million barrels per day below the same four-week period last year.
Comments from Federal Reserve Chairman Ben Bernanke during his first day of Congressional testimony contributed to oil’s up and down price movements. The Fed chief was due to speak before the Senate later Thursday.
MCX July crude oil futures may open today’s session near Rs 6291 with support around Rs 6260 levels.
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The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories dived 6.90 million barrels to 367.00 million barrels last week, but are in the upper half of the average range for this time of year. The week before, crude oil inventories dipped 9.90 million barrels to 373.90 million barrels.
Late Tuesday, data from the API revealed that U.S. crude oil inventories shed 2.60 million barrels
NYMEX light sweet crude oil futures are trading down 26 cents at $ 106.09 per barrel. Yesterday, it added 48 cents, or 0.5%, to settle at $106.48 a barrel on the New York Mercantile Exchange. The contract fell 32 cents on Tuesday.
Meantime, U.S. crude oil imports during the week averaged 7.70 million barrels per day last week, up by 180,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.70 million barrels per day, which were 1.10 million barrels per day below the same four-week period last year.
Comments from Federal Reserve Chairman Ben Bernanke during his first day of Congressional testimony contributed to oil’s up and down price movements. The Fed chief was due to speak before the Senate later Thursday.
MCX July crude oil futures may open today’s session near Rs 6291 with support around Rs 6260 levels.
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