Global Crude Oil Prices declined on profit booking - ICICI Bank : Treasury Research

Global crude oil prices declined today amidst profit booking following yesterday's substantial gains. However, the downside remained capped on account of Dollar weakness. Earlier, WTI had breached USD 106/bbl mark yesterday and the Brent-WTI spread narrowed down to less than USD 2/bbl, the least since November 2010, amidst falling US oil inventories. The front-month WTI future is currently trading at USD 105.9/bbl compared to yesterday's close of USD 106.5/bbl while Brent is trading at USD 108.1/bbl, compared to yesterday's close of USD 108.5/bbl. (17:50 IST)

Gold prices are trading sharply higher today on the back of a weaker greenback. Fed Chairman Bernanke's speech in favour of an accommodative monetary policy for US in the near future supported the prices. Spot gold is currently trading at USD 1282.5/oz as compared to prior close of USD 1259.7/oz. (17:50 IST)

Source : Equity Bulls

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