MUMBAI (Commodity Online): US crude oil prices edged lower on Monday and declined below $110 per barrel on concerns over US monetary stimulus and profit booking. However, persisting tensions in Syria and a decrease in US crude oil stock-piles limited further fall in the commodity prices to certain extent.
NYMEX crude oil for October delivery was seen trading down by 0.25% at $110.25 per barrel as of 10.09 per barrel as of 10.09 IST on Monday. On Friday, it closed up $2.16 at $110.53 per barrel, the highest close since 3 May, 2011.
Concerns that US Central Bank may start tapering its monetary stimulus later this year on improving economic conditions in the United States and around the world were seen pressuring the commodity prices in the global market.
A fall in US crude oil stock-piles and concerns that persisting tensions in Syria may spread other part parts of the Middle East there by reducing the crude oil supply from the region, limited a significant decline in crude oil.
In August, China imported 21.43 mn tons of crude oil, a decline of 17.9% when compared to 26.11 mn tons recorded in the previous month, according to data released by the China's General Administration of Customs.
US Dollar recorded a slight up-trend on Monday in Asian trading.
Eurozone Sentix Investor Confidence data is scheduled to be released at 14.00 IST today while US CB Employment Trend Index August is expected at 19.30 IST. A data on US Consumer Credit is expected at 00.30 IST on Tuesday.
Meanwhile, US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 mn barrels from the previous week. At 360.2 mn barrels, US crude oil inventories are near the upper limit of the average range for this time of year, according to the data released by the US Energy Information Administration (EIA) last week (Image Courtesy: Suwatpo Miles www.freedigitalphotos.net).
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