Crude Oil
WTI oil prices declined by 0.6 percent on Thursday to close at $48.5 per barrel pressured by a rally in the dollar which countered bullish sentiment from a drawdown in U.S. stockpiles that was much steeper than expected.
Position squaring ahead of the expiry of the front-month contracts in gasoline and diesel also diverted some investor attention from crude.
On the MCX, oil prices declined by 0.5 percent to close at Rs.3132 per barrel.
Natural gas
NYMEX natural gas prices declined by around 2.5 percent to close at $2.78 per MMbtu while MCX gas prices declined by 2.56 percent to close at Rs.178.80 per MMbtu. EIA reported natural gas withdrawal of 52 Bcf as against the previous week of 61 BCF.
Outlook
Rallying dollar, uncertainty on crude demand, oversupplied crude oil markets and Iran’s ability to release the floating oil storage of almost 40 million barrels will exert downside pressure on oil prices.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
Sections
Categories