WTI crude oil ended marginally higher at Nymex yesterday. Crude-oil futures inched up supported by persistent fears of supply disruption and pessimism about the global oil supply outlook. Downbeat economic data from the euro zone and China weighed on oil prices on Wednesday. Light and sweet crude for April delivery rose by 3 cents to close $106.28 a barrel on the New York Mercantile Exchange on Wednesday. The prices are still hovering around their nine month highs. US equities slipped from four year highs, indicating that some profit selling is due for the risky assets and oil could face some selling pressure a well in case equities drop from hereon.
Global data on Wednesday showed that a gauge of business activity in the euro area unexpectedly showed a contraction in February, after expanding in January. In China, the preliminary version of HSBC's closely watched gauge of Chinese manufacturing rose in February but remained at levels that indicate modest contraction.
Greece also remained in the headlines after Fitch Ratings cut Greece's sovereign-credit rating to C from CCC, and said that the planned bond swap for private debt holders will amount to a restricted default.
WTI futures are quoting at $105.94, down 34 cents on the day right now in Asia. The commodity could witness some moderation on MCX after prices edged up towards Rs 5300 per barrel levels in evening moves yesterday and slipped. A good support is emerging at Rs 5210 levels.

Powered by Commodity Insights