Angel Commodities has come out with its report on energy. According to the research firm, crude oil prices are expected to trade lower in today’s trading session.
Nymex crude oil prices declined by 0.1 percent yesterday on the back of fall in US consumer confidence index which led to expectations of decline in demand for the fuel. Additionally, a stronger dollar index also exerted downside pressure on prices. Crude oil prices touched an intra-day low of $90.25/bbl and closed at $90.80/bbl in yesterday’s trading session. On the domestic bourses, prices gained by 0.5 percent on account of depreciation in Indian Rupee and closed at Rs.5,097/bbl after touching an intra-day high of Rs.5,132/bbl on Tuesday.
API Inventories Forecast
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to increase by 0.5 million barrels for the week ending on 25th May 2012. Gasoline stocks are expected to decline by 0.1 million barrels and distillate inventories are expected to gain by 0.1 million barrels for the same week.
With expected increase in crude oil inventories along with dollar strengthening and weak market sentiments, crude oil prices are expected to trade lower in today’s trading session.
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