Crude futures were trading lower to flat in the Asian electronic traders today with the investors fixing their eyes on the weekly oil inventories data from US. The inventory report is expected to show rise in crude stockpiles but persistent supply worries stemming from unrest in the Middle East and North Africa are limiting the downside. The U.S. dollar extended its gains against the Japanese yen, breaching the ¥85-level to hit the pair's highest point in more than six months, as the Bank of Japan began its two-day policy meeting amid an ongoing nuclear crisis. WTI light sweet crude futures are down by 15 cents at $ 108.19 per barrel. The U.S. Energy Information Administration will release oil inventory data at 1430 GMT on Wednesday. MCX April crude futures are trading near its day's high of Rs. 4803. The commodity is expected to face a resistance near Rs. 4805-10 levels and a break of that may result in further gains otherwise it may fall to Rs. 4780 levels. Overall it looks that oil may trade in a slim range today as well.

Source