Crude oil futures slipped today as the traders booked profits in the Asia electronic session today.The traders waiting for the American Petroleum Institute today and the Energy Information Administration’s report tomorrow.The market also awaited a decision by members of the Organization of the Petroleum Exporting Countries (OPEC) on production targets as they gather for a meeting in Vienna Friday.
MCX June crude oil Facing Resistances at 5347,5368,5384
Crude for July delivery are trading down 19 cents at $94.82 a barrel on the New York Mercantile Exchange.On Tuesday, a rally in equities helped fuel an overall optimistic trading mood in the oil markets.The U.S. consumer-confidence index climbed to a five-year high of 76.2 in May from an upwardly revised 69.0 in April, the Conference Board said Tuesday.Meanwhile, OPEC members are expected to maintain their supply target at about 30 million barrels a day when they meet in Vienna on Friday. Venezuela’s Oil Minister Rafael Ramirez said Monday the country will be open to a cut in oil production if OPEC members decide such a move will help maintain prices at $100 a barrel.
The oil market will have latest weekly data on U.S. petroleum supplies. Data will be delayed due to Monday’s holiday.
No comments:
Post a Comment