Karvy Commodities has come out with its report on crude oil. "Indian rupee likely to trade down today might help the locally traded oil prices to move higher", says the report.
Amongst important cues yesterday, US DoE in its weekly inventory report said crude inventories decreased by 2.6 million barrels higher than expected though remain in the upper half of the five-year range for this time of the year. Gasoline inventories increased by 1.7 million barrels whereas distillate stocks rose 900,000 barrels last week. Refinery utilization rate slipped near 3% against expectations that the rate would see gradual but continued increase. Overall the data stood mixed to negative however process remained little changed and managed positive closing. We feel, the current period being the summer driving season for the US wherein we generally see a good oil demand might be keeping oil prices higher.
In other cues for the commodity support came from the International Energy Agency's report earlier that day wherein the agency said supplies need to be increased in second half of this year to compensate likely increase in consumption. This got added support from the OPEC's statement wherein the group said it intends to make no changes in production. Overall we maintain a modestly positive outlook into the commodity though big-bang gains might be missing in case equities around the globe continue to underperform. Also Indian rupee likely to trade down today might help the locally traded oil prices to move higher.
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