Crude oil prices declined around 0.4% on the Nymex on Tuesday, touching an intra-day low of $75.53/bbl.
However, on the MCX, crude oil prices gained around 0.8% to close at Rs.3478/bbl yesterday. Deprecation in the Indian Rupee provided some respite to crude oil prices on the Indian exchanges.
The American Petroleum Institute (API) reported yesterday that crude oil inventories decreased by 2.42 million barrels to reach 361.7 million barrels for the week ended September 25th.
Gasoline inventories jumped up by 3 million barrels to 230.8 million barrels, while the distillates stocks declined by 2.8 million barrels. Decline in crude oil stocks was slightly less than market expectations of 400,000 barrels.
On the hurricane front, the National Hurricane Center reported that tropical depression is formed in the Caribbean which is assumed to intensify to become the tropical storm Nicole. However, the NHC has not commented on the hurricane moving towards the Gulf of Mexico region.
OUTLOOK
Crude oil prices will take cues from the inventory data to be released by US Energy department today which is expected to decline by 0.4 million for the last week.
However, weakness in the DX will cushion the crude oil prices. Moreover, any developments on the hurricane front will also influence prices.
Support for NYMEX November Crude Oil is seen at $75.40/$74.70 levels & resistance at $77.00/$78.00 levels.
Natural Gas MCX September contract has major support at Rs. 176.00 & resistance at Rs 185.00 levels.
