Brent crude hovers around USD 110/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

It was a volatile session for crude oil prices yesterday. Japanese nuclear situation kept prices in check while violent clashes in Bahrain, Yemen, Syria supported the prices.

London Brent crude was trading at USD 109.87 a barrel, down USD 0.75 on Thursday morning. Nymex crude was trading at USD 97.6 a barrel, down 0.4%.

EIA said inventories were up 1.7 million barrels as against estimate of 1.3 million barrels rise.

Base metals were back in the red on Japan concerns. Shanghai copper was down 1%. LME copper went back at USD 9200/tonne.

Gold was subdued at below USD 1400/ounce.

US data to watch
-Consumer Price Index
-Jobless Claims
-Industrial Production
-Leading Indicators
-Philadelphia Fed Survey

Angel commodites advised to:
- Sell crude MCX March contract at Rs 4480 per barrel, with a target of Rs 4420 and keep a stoploss of Rs 4530.