Crude oil trades at around USD 91/bbl
Crude oil prices were around USD 91/bbl in Asian trade today. Brent Crude however continued to be closer to USD 99/barrel. Differential at USD 7.5/barrel was at multi month highs.
January 14, 2011 / 09:09 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesUS jobless claims were at a 10-week high. Initial jobless claims for the week ended January 8 totaled 445,000, against expected 415,000. Continuing claims dropped to a two-year low of 3.88 million, due to the expiration of unemployment benefits.Crude oil prices were around USD 91/bbl in Asian trade today. Brent Crude however continued to be closer to USD 99/barrel. Differential at USD 7.5/barrel was at multi month highs. OPEC will call emergency meet if oil breaches USD 100/barrel for sustained period.Gold fell to hold 20 day moving average. Gold saw technical selling and was down 1% this morning. SPDR holdings were also down over 6 tonnes in last 2 days. Firm Euro is seen capping any rebound.Base metals reacted to disappointing jobless claims. Shanghai Copper was down 1% this morning. China tightening fears were also an overhang.Data to watch
-Consumer Price Index
-Retail Sales
-Industrial Production
-Consumer SentimentNirmal Bang advised to:
- Sell nickel MCX January contract at Rs 1150 per kg, with a target of Rs 1175 and keep a stoploss at Rs 1138 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!
