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Tuesday, June 08, 2010

Oil Swings Up And Down

Crude oil futures are swinging up and down in as the US futures traded mixed while the European stocks lost ground later in the session. 

U.S. stock market futures shifted between negative and positive territory on Tuesday, with a warning on the U.K. from Fitch Ratings weighing against relatively upbeat comments from Federal Reserve Chairman Ben Bernanke who said he didn't expect to see a double-dip recession in the U.S.

US July crude oil futures are up 13 cents at $ 71.57 per barrel. Earlier in the session it dipped to as low as $ 70.75. The industry-funded American Petroleum Institute will publish its weekly report on supply and demand levels at 4:30 p.m. local time in Washington D.C. today.

MCX June crude fell to as low as Rs 3348 per barrel. The counter was last seen quoting at Rs 3376 and should find a good support near Rs 3335 and Rs 3290 levels.
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