MCX Crude Tests Rs 5k But Fails To Hold On

Crude........

MCX Crude oil futures added modest gains today following a recovery in world prices. The WTI futures extended a rise from multi month lows. The commodity stayed mostly supportive in Asia on positive movement in equities and added to its overnight gains as traders eyed a smaller than expected increase in US weekly crude inventories along with a big decline in gasoline stockpiles. Prices neared $92 per barrel today and currently trade at $91.78 per barrel, up 35 cents per barrel on the day. Yesterday, the U.S. Energy Information Administration reported crude supplies rose by 900,000 barrels for the week ended April 19. Motor gasoline supplies dropped by 3.9 million barrels, but distillate stockpiles added 100,000 barrels, the EIA data showed. Forecasts called for a decline of 700,000 barrels in gasoline stockpiles and a fall of 450,000 barrels in distillate supplies. The Euro gained today, extending its reversal to near 1.3100 mark against the US dollar as yields on European sovereign bonds continued to drop. In a key economic data release, The UK economy avoided falling back into recession. The country's GDP increased by 0.3% in Q1 2013 compared with Q4 2012. GDP was 0.4% higher in Q1 2013 than in Q3 2011 and therefore has been broadly flat over the last 18 months according to the Office for National Statistics today. Oil was hurt last week, tanking in line with commodities like Gold, Silver and Copper. The local MCX May crude futures edged up towards Rs 5000 per 10 grams and even managed to test the watershed mark but failed to hold on above it. The contract currently trades at Rs 4973, up Rs 11 per barrel on the day or 0.22% with 3.61% increase in the open interest. Powered by Commodity Insights