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India Crude Oil Tumbles on Rising Inventory

ByCommodityOnline
Published 11/01/2011, 08:57 AM
Updated 05/14/2017, 06:45 AM
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Nymex crude oil prices ended on a flat note yesterday and closed at $93.2/bbl. The commodity took cues from expectations that demand could fall due to slowing global economy.

This coupled with a stronger dollar added to pressure on prices. Crude oil prices declined after the biggest monthly gain in last two years.

On the MCX, oil prices declined by 0.4 percent and closed at Rs.4516/bbl after touching an intra-day low of Rs.4464/bbl on Monday.

API Inventories Forecast:

The American Petroleum Institute (API) is scheduled to release its weekly inventories today and crude oil inventories are expected to increase by 1.2 million barrels for the week ending on 28th October 2011.

Gasoline stocks are expected to decline by 1.4 million barrels and distillate inventories are also expected to fall by 0.5 million barrels.

OPEC oil supply concerns:

Organization of the Petroleum Exporting Countries (OPEC) oil output has fallen for the second consecutive month in October as supplies from Iraq, Nigeria, Saudi Arabia and Angola have reduced. OPEC is expected to produce 29.59 million bpd in October as against 29.90 million bpd in September.

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