AFP: US energy stockpile signs further fall in crude rate
Crude oil prices yesterday showed volatile sentiments in the international market as Energy Information Administration (EIA) reported that the oil and gas inventories increased enormously.
Crude prices tumbled 7 percent before a rally, with light, sweet crude for March delivery settling up 12 cents at $43.67 on the New York Mercantile Exchange. MCX Crude Oil benchmark contract closed the day at Rs 2053 per barrel. Resistances for today are at 2155 and 2210 levels. Supports for the contract are at 2015 levels.
Including the latest report from the Department of Energy, crude inventory levels have risen by 14 million barrels since the week ended Jan. 2, showing how badly the deteriorating economy has cut into energy demand.
