Oil was little changed in New York after US crude inventories gained more than expcted last week and refiners reduced output as demand declined, Mansukh Securities and Finance (MSFL) stated.
As per data released by energy department, Crude oil stockpiles for the week ended Jan. 23 climbed by 6.2 million barrels to 338.8 million barrels, the highest since August 2007.
Supplies at Cushing, Oklahoma, where oil traded on Nymex is stored, climbed 0.9% to 33.5% million barrels last week, the highest since at least April 2004.
Presently, crude oil futures are trading in negative territory at the MCX today. Crude oil for February delivery contract is trading down 0.29% at Rs 2,044 a bbl. It opened at Rs 2,032 as against its earlier close of Rs 2,050 a bbl.
In today`s session, crude oil prices are expected to trade higher. Therefore, buying crude oil futures at Rs 2,030 keeping stop loss below Rs 1,970 with a target of Rs 2,150 is recommended.
