Crude Oil Prices are trading sharply higher - ICICI Bank : Treasury Research

Crude oil prices are trading sharply higher as continued geopolitical tensions in the Middle East with the political unrest in Egypt now in focus adding to supply concerns. Prices also gained support as the American Petroleum Institute yesterday reported that crude oil inventories fell 9.4 mn barrels last week. Markets await further cues from the US Energy Department report due later in the day for further cues on crude stockpiles. WTI is trading at USD 101.74/bbl, vs. yesterday's close of USD 99.60/bbl. Brent is currently at USD 104.99/bbl vs. USD 104.00/bbl yesterday. Technically, Brent is expected to trade ranged between USD 104.5 -105.5/bbl.

Gold prices are trading little changed this morning around USD 1245/oz levels as against previous close of USD 1243/oz as gains owing to strong physical demand for the metal were offset by a stronger Dollar. Meanwhile, gold ETFs continued to witness sell-off with assets in the SPDR Gold Trust, the largest bullion backed ETP, decreasing to 964.69 metric tons yesterday, the least since 2009. Technically gold is expected to trade ranged between USD 1225-1265/oz.

Source : Equity Bulls

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