Global Crude Oil Prices trading mixed - ICICI Bank : Treasury Research

Global crude oil prices are trading mixed today. WTI prices fell as Enbridge Inc. partially resumed oil pipeline operations between Canada and Cushing, USA. Prices also came under pressure on the back of a stronger Dollar though losses were limited as the American Petroleum Institute yesterday reported that crude stockpiles fell by 0.03 mn barrels last week. Markets now await the US Energy Department's weekly inventory data for further cues. Meanwhile, Brent prices are trading higher for the third consecutive day amidst continued geopolitical tensions in the Middle East. The front-month WTI future is currently trading at USD 94.98/bbl compared to yesterday's close of USD 95.32/bbl while Brent is trading at USD 101.36/bbl, compared to yesterday's close of USD 101.26/bbl (17:30 IST).

Gold prices fell sharply by over 3.7% in today's trade as positive US economic data released yesterday added to speculation of tapering of Fed's asset purchases. Strength in the US Dollar coupled with weak investment demand for the bullion further weighed on prices. Holdings in the SPDR Gold trust fell by 15 MT to 969.5 MT yesterday. Spot gold is currently trading around USD 1231/oz, the lowest level since August 2010 compared to prior close of USD 1277/oz (17:30 IST).

Source : Equity Bulls

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