Crude Oil Prices trading lower on Thursday - ICICI Bank : Treasury Research

Crude oil prices are trading lower today as Fed official Pianalto's hawkish comments added to the fears of an early tapering of Central bank's asset purchase program and weighed on the prices. However, a decline in US crude oil inventories by 1.3 million barrels as reported by Energy Administration Institute yesterday gave some support to the prices and limited the downside. Further, increase in Chinese imports of crude inventories by 6.13 million barrels per day reported today also aided the outlook on oil demand. The front-month WTI future is currently trading at USD 104.25/bbl compared to prior close of USD 104.37/bbl while Brent is trading at USD 107.05/bbl, compared to prior close of USD 107.44/bbl. (17:15 IST)

Gold prices are trading marginally higher today on the back of a weaker greenback. Meanwhile, speculations of an early tapering of Fed's asset purchase program weighed on the prices and limited the losses. Further, prices also remained under pressure amidst a decline in SPDR Gold Trust holdings to 910.53 tonnes from 915.04 tonnes yesterday. Spot gold is currently trading at USD 1289.9/oz as compared to yesterday's close of USD 1287.6/oz. (17:15 IST)

Source : Equity Bulls

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