Our Share tips and Commodity Tips expertise expected that Crude oil may trade higher today. According to the research firm Crude Oil prices are likely to trade higher today taking cues from supply worries from the Middle East, a weaker dollar and rise in risk craving in the global markets.
Nymex crude oil prices are gained by 0.6 percent yesterday on the back of steps by US Federal Reserve and other central banks for tackling the Euro Zone debt crisis.Oil prices touched an intra-day high of $101.75/bbl and closed its trading session above the crucial level of $100/bbl on Wednesday. On the MCX, prices increased by 0.6 percent and closed at Rs.5219/bbl after touching an intra-day high of Rs 5274/bbl yesterday.
EIA Inventories Data
As per the US Energy Department (EIA) report yesterday, crude oil inventories are increased by 3.9 million barrels to 334.75 million barrels for the week ending on 25th November, 2011. Gasoline stocks rise by 213,000 barrels and were at 209.85 million barrels whereas distillate stockpiles also climbed by 5.53 million barrels and remained at 138.49 million barrels for the last week.
It is expected that crude oil prices may trade higher taking cues from supply worries from the Middle East, a weaker dollar and rise in risk appetite in the global markets. To be regular about Commodity Tips and MCX Tips contact our Experts.