Crude Oil – The Prices is higher to trade
Crude Oil –
WTI oil prices rose by 1.3 percent on Tuesday to close at $ 50.4 per barrel , near eight month highs as data from industry group American Petroleum Institute showed on Tuesday showed U.S. commercial crude inventories fell by 3.6 million barrels last week compared with expectations for a 2.7 million barrel draw.
Also ,crippling attacks on Nigeria’s oil industry and fresh draws in U.S. crude stockpiles boosted prices . The southern Delta swamps in Nigeria have been hit by militant attacks on oil and gas pipelines which have brought the African nation’s oil output to a 20 – year low.
On the MCX, oil prices traded higher by 1.2 percent to close at Rs. 3345 per barrel.
Intraday Tips –
we expect oil prices to trade higher on outages in Nigeria and larger draw down in API stocks. Meanwhile, the EIA inventory report due tonight will be a close watch by investors across the globe for further trajectory in oil prices. On the MCX, oil prices are expected to trade higher today.