MARKET ROUNDUP
Crude oil extended losses in post-settlement trading on Tuesday after industry data showed that domestic crude stocks rose 3.8 million barrels last week, much more than expected and also when Kuwait’s oil minister said OPEC were considering raising output to cover any supply deficit that might stem from the Libyan conflict.
IN FOCUS
- U.S. crude oil stockpiles could have risen modestly last week as imports likely rose, an expanded Reuter’s poll ahead of weekly inventory reports showed on Tuesday.
- OPEC is in talks about boosting oil supplies, Kuwait’s oil minister said on Tuesday, but many in the group remained skeptical, saying world supply is comfortable despite the loss of Libyan crude.
- More analysts raced to revise oil price forecasts higher on Tuesday, factoring in a more prolonged disruption in Libyan production that will erode the world’s spare capacity and drive average prices above 2008 levels.
- China’s state oil reserves are enough for one month’s consumption, Wang Qingyun, head of State Bureau of Material Reserve under the National Development and Reform Commission was quoted as saying by a Chinese newspaper.
- Nigeria would increase its crude vproduction if OPEC requested higher output to cool soaring oil prices, state oil company NNPC said on Tuesday, but it is unclear how much spare capacity Africa’s largest producer has.
FUNDAMENTAL OUTLOOK
Crude oil prices are trading firm on NYMEX today. We expect a further rise in the prices of crude oil on account of supply worries from the middle-east nations. Buying at dips is recommended for the day. For the latest updates PRESS CTR + D or visit Stock Market news Today
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