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Mar 07, 2013, 02.27 PM IST | Source: Moneycontrol.com

Sell Crude Oil on rise: Nirmal Bang

Nirmal Bang has come out with its report on Crude Oil. The research firm expects Crude Oil prices to remain under pressure on account of higher inventories at key ports. Selling on rise is recommended for the day.

Nirmal Bang has come out with its report on Crude Oil. The research firm expects Crude Oil prices to remain under pressure on account of higher inventories at key ports. Selling on rise is recommended for the day.

Crude oil prices fell yesterday after U.S. government data showed domestic crude inventories rose much more than had been forecast.  Indonesia plans to stop further decline in its oil output this year and hold it at 830,000 barrels per day, but still hopes to raise production to 1 million bpd by end- 2014, the head of the energy regulator said on Wednesday. Exxon Mobil Corp said on Wednesday its oil and natural gas production would fall about 1 percent in 2013, but growth will return as more major projects are started over the next five years.

Kinder Morgan Inc's Kinder Morgan Texas Pipeline LLC (KMTP) requested authorization from U.S. federal energy regulators to allow it to ship more natural gas from Texas to Mexico as companies line up to capitalize on the domestic natural gas shale boom.  At an OPEC conference in Vienna in December, the oil minister of the United Arab Emirates was outspoken - unusually so for a top Gulf Arab official - about the threat to the cartel from rising U.S. oil and gas production. After the Keystone XL oil pipeline cleared an important hurdle last week, critics of the project are searching for ways to force more of the delays that have dogged it for more than four years already. 

Fundamental Outlook:

Crude oil prices are trading little changed on NYMEX today. We expect oil prices to remain under pressure on account of higher inventories at key ports. Selling on rise is recommended for the day.

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