OIL FLAT IN ASIA; INVENTORIES RISE
Date: 12/04/2012
Crude oil futures are trading flat in the Asia session today after it ended with solid gains of nearly 2% tracking gains in the US equities.
U.S. stocks moved away from their highest levels but were still about 0.9% higher Wednesday following the report. The U.S. economy continued to grow at a modest to moderate pace” over the last month, the Federal Reserve said on Wednesday in the latest publication of anecdotes.
The Fed's “Beige Book” use of the phrase “modest to moderate” is the same adjective used to describe the economy in the prior two reports.
Also yesterday the Energy Information Administration said crude supplies rose by 2.8 million barrels on the week ended April 6. That compares to expectations of a rise of 1.8 million barrels in the week, and comes after two weeks of huge increases that derailed futures markets.
The ICE dollar index fell from 79.875 in late North American trade to 79.765, or 0.3%, also providing a lift to oil and other commodities.
NYMEX light sweet oil for May delivery is trading flat at $102.70 per barrel on the New York Mercantile Exchange. It settled up $1.68, or 1.7%, at $102.70 a barrel, marking oil's first gain in three days.
MCX April crude may open today's session near R 5290 levels with support near R 5245 levels and resistance near R 5325 levels.
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