Analyst say that the weak dollar and uncertain demand outlook may keep Brent crude oil trading in a tight range between $100 and $105 over the next few days. Brent crude oil futures on NYMEX for July delivery was seen trading down by 0.25% at $101.82 per barrel as of 10.29 AM IST on Tuesday.
MUMBAI (Commodity Online): Brent crude oil futures on NYMEX fell to $102 per barrel on Tuesday after US manufacturing activity recoded a fall on Monday.
Brent crude oil futures on NYMEX for July delivery was seen trading down by 0.25% at $101.82 per barrel as of 10.29 AM IST on Tuesday.
WTI crude oil futures for July delivery was also seen trading negative by 0.48% at $93.01 per barrel as of 10.30 AM IST on Tuesday.
US factory activity fell in May to its lowest level since four years showing a negative trend in the economy. The US data released supported the fact that the US Federal Reserve may continue with its monetary stimulus.
Analyst say that the weak dollar and uncertain demand outlook may keep Brent crude oil trading in a tight range between $100 and $105 over the next few days.
US trade balance data is scheduled to be released at 06.00 PM IST today.
Crude oil is also facing pressure on concerns that US crude oil product inventories may rise. Distillate stocks were estimated to have risen 1.3 mn barrels last week, according to a Reuters poll.
China’s HSBC Purchasing Managers’ Index (PMI) manufacturing fell to 49.2 in May from 50.4 in April putting further pressure on crude oil.
Crude oil futures for June delivery on India’s Multi Commodity Exchange (MCX) was seen trading down by 0.13% at Rs.5280 per barrel as of 10.35 AM IST on Tuesday.
Source: www.commodityonline.com
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