Crude oil holds USD 85/bbl level
EIA says inventories rose by 840,000 barrels; market expected over 2 million barrels rise in inventories. Crude oil was trading over USD 85 a barrel today.
February 17, 2011 / 14:12 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity curveTensions between Israel and Iran pushed up crude oi prices on Wednesday. US crude was stable on bullish inventory data. EIA says inventories rose by 840,000 barrels; market expected over 2 million barrels rise in inventories. Crude oil was trading over USD 85 a barrel today. Copper was recovering from yesterday's fall. LME Copper was down 1.7% yesterday while gained 0.5% this morning. Copper saw fresh record of USD 10190/tonne on Tuesday while it was mainly concern on rising inventories.Precious metals were steady after Middle East tensions. Sugar gained 3.5% to close above 29 cents/lb.Data to watch
-Consumer Price Index for January
-Jobless Claims for the week
-Philadelphia Fed Survey Angel Commodities advised to:- Buy gold MCX April contract at Rs 20450 per 10 grams, with a target of Rs 20650 and keep a stoploss at Rs 20340.
- Buy crude MCX February contract at Rs 3820 per barrel, with a target of Rs 3900 and keep a stoploss at Rs 3770. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
