Currently WTI Light sweet crude oil futures are trading above $101/ bbl with marginal gain in international market. As per US Energy department, crude oil inventory have increased, whereas in Cushing and Oklahoma delivery centre crude oil inventory have fallen by more than 150K barrels in the last week. Refiners have reduced their production capacity, which made petroleum products to decline in the last week.
Most of the Asian equities are trading slightly positive trend, which might be supporting oil prices in international market. Euro-zone and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to trade on higher side throughout the day.
Most of the Asian equities are trading slightly positive trend, which might be supporting oil prices in international market. Euro-zone and German PMI Numbers are likely to come unchanged from prior month, whereas US payrolls data are likely to come lower than prior month. Unrest in Yemen may boost oil prices further. Overall, we may expect oil futures to trade on higher side throughout the day.
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