Crude oil futures gained in Asia trades today as the weekly inventories are expected to show decline in stocks. The commodity surged despite losses in the Asia shares today and appreciation in the US dollar.
Analysts polled by Platts expect the EIA report on Wednesday to show the 1.3 million decline in U.S. oil inventories and a rise for gasoline stocks by 430,000 barrels. Stocks of distillates, which include diesel and heating oil, are seen up 550,000 barrels. Refineries are expected to be running at 87.47% of their capacity, down slightly.
Asian markets traded mostly lower on Wednesday, shrugging off an improved performance on Wall Street Tuesday.
NYMEX light sweet crude oil futures are up 54 cents at $ 72.53 per barrel. It traded in the narrow range of $ 72.70-72.07 so far in the session today.
In the foreign-exchange markets, the euro was steady, trading at $1.1942 against the U.S. dollar, from $1.1952 late on Tuesday in New York. Against the yen, it was buying Y109.05 compared with Y109.22, while the dollar was at Y91.25 from Y91.44.
MCX June crude futures are up Rs 25 at Rs 3400 per barrel. The traders may buy it on dips with the target of Rs 3437 and stop loss of Rs 3375.
