On Tuesday, crude oil traded higher by 2.2 percent on the Nymex mainly on the back of favorable data from the US and optimistic sentiments in the global equity markets. Additionally, sharp fall in US crude oil inventories also provided support yesterday.
Oil touched an intra-day high of $99.64/bbl and closed at $99.37/bbl. MCX crude June contract gained 1.5 percent and touched an intra-day high of `4332/bbl.
Appreciation of the Indian Rupee resisted further rise in oil prices on the domestic bourses on Tuesday.
API Inventory Data
According to the report released by the American Petroleum Institute (API) on Tuesday, US crude oil inventories declined sharply by 3 million barrels in the week ending 10th June.
Gasoline inventories increased 1.1 million barrels, while distillate inventories decreased by 426,000 barrels in the last week.
EIA Inventory Forecast
The US Energy Department (EIA) is expected to release its weekly inventory data later in the evening today.
According to the Reuters poll, crude oil inventories are expected to decrease by 1.5 million barrels for the week ended 10th June. Distillates stocks are predicted to increase by 1 million barrels and gasoline inventories are expected to increase by 1 million barrels in the last week.
