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Wednesday, February 04, 2009

Crude Oil Expected To Show Downturn After Inventories Data

NYMEX Crude Hovers Near $ 42

Oil is hovering near $ 42 a barrel in Asia as investors mulled the impact of OPEC production cuts and mixed signs about the US economy.

Light, sweet crude for March delivery has risen 86 cents to $ 41.64 a barrel on the New York Mercantile Exchange. The contract overnight rose 70 cents to settle at $ 40.78. MCX Crude Oil is trading at Rs 2026 per barrel up Rs 51. The contract is likely to fall further once the report of Crude oil inventories is released. Crude inventories are expected to show yet another rise.

Investors have been struggling to gauge the depth of the worst recession in more than 25 years in the US, which is the world's largest consumer of oil. Prices, which had plunged to USD 33 by December after jumping to a record $ 147.27 a barrel in July, have stabilized in the low $ 40s for the last week. A jump in home sales reported on Tuesday suggested the economic downturn could be bottoming.

Pending sales for preowned homes rose 6.3 per cent in December from the previous month, according to the National Association of Realtors.

source: Capital Market
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