Crude Oil Prices pull back on profit booking - ICICI Bank : Treasury Research

WTI crude oil prices pulled back from yesterday's highs on profit booking. Growth concerns in China also weighed on the oil demand outlook. However, losses were limited amidst speculation that the American Petroleum Institute oil inventory report due later in the day is likely to show a decline in crude stockpiles last week. Meanwhile, Brent prices are trading higher amidst continued geopolitical tensions in the Middle East. WTI is trading at USD 97.90/bbl, vs. yesterday's close of USD 97.99/bbl. Brent is currently at USD 103.07/bbl vs. USD 103.01/bbl yesterday. Technically, Brent is expected to trade ranged between USD 102 -104/bbl.

Gold prices are trading higher this morning around USD 1258/oz levels as against previous close of USD 1252/oz as sharp decline in prices last week aided value buying. Benchmark contract volumes on the Shanghai Gold Exchange last week were more than three times last year's daily average. However, the upside is likely to be capped amidst continued speculation over tapering of asset purchases by the Fed going ahead this year and weak investment demand with the SPDR gold holdings resuming their declining streak yesterday after a brief pause. Technically gold is expected to trade ranged between USD 1225-1265/oz.

Source : Equity Bulls

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