24 Apr 2013

Crude Oil inches up after API data

www.mcxfreetips.com
                       CrudeOil futures rose slightly in the early part of Wednesday’s Asian session after the American Petroleum Institute said U.S. crude stockpiles surprisingly fell last week. 

On the New York Mercantile Exchange, light, sweet crude futures for June delivery rose 0.15% to USD89.31 per barrel in Asian trading Wednesday after settling down down 0.11% at USD89.09 a barrel on Tuesday in the U.S. A batch of concerning global economic data weighed on crude Tuesday. 

The HSBC Holdings/Markit Economics purchasing managers index for China came in at a preliminary 50.5 for April, below analysts' calls for a 51.4 reading. 

Also on Tuesday, data earlier by Markit Economics revealed that Germany’s April manufacturing purchasing managers index fell to 47.9 from 49.0 in March, well below the 50 level that separates contraction from expansion. Analysts were hoping for the production barometer to remain unchanged.

Germany’s service-sector PMI, meanwhile, came in at 49.2, down from 50.9 in March and below market calls for a 51.0 reading. 

In U.S. the Commerce Department said new home sales rose 1.5% last month to a seasonally adjusted annual rate of 417,000 units following a 7.6% drop in February. Analysts expected the March reading to rise to 420,000 units. 

Earlier, API said U.S. crudeOil inventories fell 845,000 barrels last week. Analysts expected an increase of 1.4 million barrels. Gasoline inventories fell by 2.7 million barrels while distillate stockpiles increased by 666,000 barrels. 

The U.S. Energy Information Administration releases its weekly inventory report later Wednesday. That report is more closely followed by traders than the API report. 

Elsewhere, Brent futures for June delivery inched lower by 0.03% to USD100.30 per barrel on the ICE Futures Exchange. Courtesy : Investing.com

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