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Thursday, November 26, 2009

Oil Slips Tracking Losses In Equities; Inventories Overhang

Oil fell today as the global stock markets tumbled and due to the hangover of high oil inventories in US. 

European shares fell sharply on Thursday, with banks leading a broad retreat for the region, as investors took some profits off the table amid uncertainty about exposure to Dubai debt. Asian shares were lower in part as the yen hit a multiyear high against the dollar, weighing on exporters. U.S. stock markets are closed on Thursday for the Thanksgiving holiday.

The Energy Department said in a report yesterday that the U.S. stockpiles increased to 337.8 million barrels in the week to Nov. 20.

Crude oil for January delivery fell as much as $1.11, or 1.4%, to $76.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $77.13 a barrel in London electronic session.

There will be no floor trading in New York today because of Thanksgiving. Electronic trading will continue during the holiday.

The Dollar Index, which tracks the greenback against the currencies of six trading partners, rose 0.3 percent to 74.519 after it reached a 15-month low yesterday on speculation the U.S. will keep interest rates near zero.

MCX crude oil futures are however trading in positive zone as the Rupee weakened today. MCX December futures are up nearly Rs 30 at Rs 3597 per barrel. It may find supports at Rs 3570 & Rs 3540 levels.
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