Global Crude Oil Prices are trading largely flat - ICICI Bank : Treasury Research

Global crude oil prices are trading largely flat this morning. In yesterday's trade, oil prices rose, with WTI gaining by 1.6 % after the American Petroleum Institute reported a decline in US crude oil inventories by 4.3 mn last week. Markets now await the US Energy Department's report on US crude oil inventories, due later today, for further cues. WTI is trading at USD 98.48/bbl, same as yesterday's close. Brent is also flat at USD 106.02/bbl. Technically, Brent is expected to trade ranged between USD 105.5 -106.7/bbl.

Gold prices are trading close to a 3-week low today morning, extending yesterday's losses. Prices are currently hovering around USD 1365/oz, compared to yesterday's close of USD 1367.7/oz. In yesterday's trade, gold prices fell by 1.32%, amidst caution ahead of the FOMC policy announcement that is due later today. Further, holdings in the SPDR Gold Trust declined to 1001.66 MT yesterday, the lowest since February 2009, thereby weighing on the investor demand outlook. Bullion prices are likely to take further cues from the Fed's policy decision due today. Technically gold is expected to trade ranged between USD 1340-1395/oz.

Source : Equity Bulls

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