Global Crude Oil Prices trading lower - ICICI Bank Treasury Research

Global crude oil prices are trading lower today amidst speculation that the OPEC will keep its output target unchanged at 30 mbpd, ahead of its meeting today. WTI prices came under pressure after the US Energy Department reported a rise in US crude inventories by 3 mn barrels last week. The downside, however, remain capped as positive data from Japan and renewed expectations of a continuation of the Fed's monetary stimulus aided the oil demand outlook. The front-month WTI future is currently trading at USD 92.91/bbl compared to yesterday's close of USD 93.61/bbl. while Brent is trading at USD 101.51/bbl, compared to yesterday's close of USD 102.19/bbl (17:30 IST).

Gold prices are trading lower tracking losses in the broad commodity space. An official from China Gold Association signalled today that consumer demand from the world's second largest bullion consumer might decline in the second half of the year, thereby weighing on bullion prices. However, losses were limited after the weaker than expected US economic data prints released yesterday fuelled expectations of a continuation of the Fed's asset purchase programme. Spot gold is currently trading at USD 1413.3/oz compared to prior close of USD 1414.0/oz (17:30 IST).

Source : Equity Bulls

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