Crude oil futures are trading slightly lower in the Asia electronic session today after the commodity closed last week with hefty gains of almost 3%.
Light sweet crude futures for delivery in February are trading down 16 cents at $ 99.16 on the New York Mercantile Exchange. On the week the West Texas Intermediate or WTI rose 2.73%.
The Commerce Department said Friday that the U.S. economy expanded by 4.1% in the third quarter, well above initial estimates for 3.6% growth, adding to signs that the economic recovery is gaining traction.
On Wednesday, the Federal Reserve announced plans to begin tapering its USD85 billion-a-month bond buying program by USD10 billion after Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
Wednesday's bullish U.S. supply data also supported prices. The Energy Information Administration said in its weekly report that crude oil inventories fell by 2.9 million barrels last week to 372.3 million barrels. That was above expectations for a decline of 2.3 million barrels.
MCX January crude oil futures may open today’s session near Rs 6170 levels with resistance near Rs 6210 levels and support around Rs 6150 levels.
In the week ahead, the U.S. is to release key reports on durable goods orders, new home sales and jobless claims.
Trading volumes are expected to remain light due to the Christmas holiday and as many traders already closed books before the end of the year, reducing liquidity in the market and increasing the volatility.
Light sweet crude futures for delivery in February are trading down 16 cents at $ 99.16 on the New York Mercantile Exchange. On the week the West Texas Intermediate or WTI rose 2.73%.
The Commerce Department said Friday that the U.S. economy expanded by 4.1% in the third quarter, well above initial estimates for 3.6% growth, adding to signs that the economic recovery is gaining traction.
On Wednesday, the Federal Reserve announced plans to begin tapering its USD85 billion-a-month bond buying program by USD10 billion after Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
Wednesday's bullish U.S. supply data also supported prices. The Energy Information Administration said in its weekly report that crude oil inventories fell by 2.9 million barrels last week to 372.3 million barrels. That was above expectations for a decline of 2.3 million barrels.
MCX January crude oil futures may open today’s session near Rs 6170 levels with resistance near Rs 6210 levels and support around Rs 6150 levels.
In the week ahead, the U.S. is to release key reports on durable goods orders, new home sales and jobless claims.
Trading volumes are expected to remain light due to the Christmas holiday and as many traders already closed books before the end of the year, reducing liquidity in the market and increasing the volatility.
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