Sell Crude oil on rise: Nirmal Bang

Nirmal Bang has come out with its report on energy. The research firm, do not expect any major rise in the prices of oil on account of the ongoing Cyprus tension in the euro zone. One can sell Crude oil on rise for the day.

Crude oil prices fell yesterday as Cyprus struggled to raise enough money to qualify for a bailout and avoid a banking collapse, reviving worries about the outlook for petroleum demand in Europe.

China's commercial crude inventories were down 2.9 percent by the end of February versus a month earlier, while refined fuel stocks rose 6 percent over the month, the official Xinhua News Agency said in a newsletter on Friday.

Sudan has ordered oil firms to prepare to start receiving South Sudanese crude exports again, state media reported on Thursday, after the two countries signed a deal this month to restart output.

China's crude oil imports from Iran rebounded last month from a 10-month low hit in January, official data showed. China, Iran's top crude oil customer, bought nearly 2.0 million tonnes of Iranian crude in February, equivalent to about 521,330 barrels per day (bpd), up 68 percent from 309,906 bpd in January, according to data from the General Administration of Customs.

Algeria is likely to restart a second unit at its Tiguentourine gas plant next month but full output after a siege by Islamist militants in January is expected by year-end, Energy and Mines Minister Youcef Yousfi said on Thursday.

The discount on Canadian heavy crude oil shrank to its smallest in more than five months on Thursday on dwindling inventories in Alberta and reduced overall rationing of Enbridge Inc's ENB.TO pipeline network, market sources said.

Crude oil prices are trading a tad higher on NYMEX today. We do not expect any major rise in the prices of oil on account of the ongoing Cyprus tension in the euro zone. Selling on rise is recommended for the day.

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