Crude inventories rise by 3.3 mn bbls, highest since 1993

NYMEX Crude May contract declined by 2.2% to $52.77 a barrel while it was up 19% YTD. Crude inventories increased to highest since 1993 and was up for 22nd in 26 weeks. Crude inventories gained 3.3 million barrels, to 356.6 million barrels; it was up by 13% on a 5-year average.

Here is a transcript of Commodities Editor, Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video.

The German business confidence declined to 26-year low. US durable goods orders jumped by 3.4% and US new home sales were up by 4.7% in February while January saw record declines.

NYMEX Crude May contract declined by 2.2% to $52.77 a barrel while it was up 19% YTD. There were lot of factors which affected the crude prices - Crude inventories increased to highest since 1993 and was up for 22nd in 26 weeks. Crude inventories gained 3.3 million barrels, to 356.6 million barrels; it was up by 13% on a 5-year average. Imports increased to highest in 6 weeks. There was a decline in cushing supplies while consumption of fuels was up by 2.2%.

The near-term range for crude prices is seen between $51.50 and 54 a barrel. It was trading at USD 53.33/bbl, up USD 0.56.

In the metals, gold gained by 1.3% or $13, to $935.80 an ounce and silver was up by 0.6%, to $13.44/oz.

Copper was volatile on mixed data. Strength in equity markets supported the Copper.