Crude oil prices ended higher yesterday, tracking
rising global equity markets after some positive factory data out of the
U.S. Investors also weighed some encouraging U.S. automobile sales data
for March, with most car makers recording significant growth, fueling
hopes of demand growth for oil. U.S. crude stocks increased sharply
last week, refined fuel inventories fell, and crude imports rose, data
from industry group the American Petroleum Institute showed on Tuesday.
Japan is offering to sell a total 700,000 kilolitres, or about 4.4
million barrels, of crude from the government's Strategic Petroleum
Reserves, aiming to replace them with other grades, a tender document
from the trade ministry showed on Tuesday.
Gasoline stocks independently held in Europe's Amsterdam-Rotterdam-
Antwerp hub rose this week by 8.25 percent to 1 million tonnes as
traders switch to summer-grade product, data from Dutch oil analyst
Pieter Kulsen showed on Thursday. Libya's crude oil exports totalled
41.966 million barrels in February, state energy firm the National Oil
Corporation (NOC) said on Tuesday. Output of oil and natural gas in
Brazil fell for the 11th straight month in February as repairs to
existing platforms in the country's main producing region put wells out
of service, Brazil's petroleum regulator, the ANP, said on Tuesday.
Fundamental Outlook:
Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventory at key ports. Selling on rise is recommended for the day.
Fundamental Outlook:
Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventory at key ports. Selling on rise is recommended for the day.
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