Crude oil trades above USD 90/bbl
Brent crude oil prices were at almost USD 100/bbl on Egypt unrest. Egypt controls Suez Canal, which was passage for supply to Europe.
January 31, 2011 / 09:47 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesBrent crude oil prices were at almost USD 100/bbl on Egypt unrest. Egypt controls Suez Canal, which was passage for supply to Europe.Investor caution about access to the Suez Canal, crucial to Europe's imports of oil and Asian goods, as clashes between government forces and protesters demanding the removal of President Hosni Mubarak escalatedNymex crude was close to USD 90/barrel, gained over 4% on Friday. It is currently trading at USD 90.08 a barrel.Safe haven buying aided precious metals. Gold saw biggest gain in 8 weeks on Friday. SPDR holdings stood at 1224 tonnes, lowest since May.Copper was in slight correction mode. 3-month copper on LME was down 0.5%. Egyptian tensions weighed on prices.Data to watch
-Personal income and spending
-Chicago PMIDani Commodities advised to:
- Buy crude MCX February contract at Rs 4120 per barrel, with a target of Rs 4190 and keep a stoploss of Rs 4080. 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!
