MARKET ROUNDUP Crude oil futures extended losses to more than a dollar Wednesday after Federal Reserve Chairman Ben Bernanke in prepared remarks before a U.S. Senate panel said the economic outlook was "unusually uncertain," and that the Fed remained prepared to take further action as needed. Also rise in inventory levels reported by the EIA pressurized crude oil prices. IN FOCUS - U.S. crude oil inventories increased unexpectedly last week as crude imports expanded, and oil product stocks also rose, according to U.S. Energy Information Administration data issued Wednesday. - Russia will raise the mineral extraction tax on gas by 61 percent from January 1 and increase export tariffs on copper, nickel and oil products to add billions to state coffers, the Finance Ministry said Tuesday. - China's apparent oil demand rose 10.3 percent in June over a year earlier, Reuters calculations from official data showed on Wednesday. - Oil refinery output in Europe increased by 5.1 percent in June from May as utilisation rates rose to near 85 percent, figures from industry monitor Euroilstock showed on Wednesday. - The rate of U.S. refinery utilization rose for the third straight time last week, pushing usage to its highest in almost three years, data from the Energy Information Administration showed on Wednesday. FUNDAMENTAL OUTLOOK Crude oil prices are trading firm on NYMEX today after yesterday's slump. We expect a further decline in the prices of crude oil for the day tracking weaker Asian equity markets and a stronger US dollar.

Source