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Jul 13, 2017 01:19 PM IST | Source:

Expect Crude oil to trade positive: Sushil Finance

According to Sushil Finance, expect crude oil prices to trade positive on the back of EIA inventory data.

Sushil Finance's commodity report on crude oil

Oil futures rose, maintaining some gains from earlier in the day, as a report showing hefty drawdowns in U.S. crude inventories was offset by data pointing to lackluster gasoline demand. U.S. crude inventories fell 7.6 million barrels last week, its biggest weekly plunge in 10 months, the U.S. Energy Information Administration (EIA) said. That was much more than the 2.9 million - barrel crude draw forecast in a Reuters poll but was slightly less than the 8.1 million - barrel decline reported by the American Petroleum Institute (API) on Tuesday. But at 495.4 million barrels, U.S. crude oil inventories were in the upper half of the average range for this time of year. Traders noted suggestions from the Organization of the Petroleum Exporting Countries (OPEC) that the oil market will see a surplus next year also weighed on Wednesday's price gains. OPEC said its oil production jumped in June and forecast world demand  for its crude will decline next year as rivals pump more, pointing to a  market surplus in 2018 despite an OPEC - led output cut. Those output cuts, in place since the start of the year, have lent prices some support, but in recent weeks rising output from Libya and Nigeria - OPEC members exempt from the output reduction deal - has pushed supply higher.

We expect crude oil prices to trade positive on the back of EIA inventory data.

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