Wednesday, August 31, 2011

MCX crude oil trend

Oil markets were being depressed by the American Petroleum Institute`s (API) prediction yesterday of a jump in crude stockpiles of the world`s largest oil consumer.
The API report was released yesterday showing US stockpiles rising significantly. That will obviously put a little bit of pressure on the market.

Oil rose to near USD 89 a barrel Tuesday on expectations that supplies will be tighter in the wake of Hurricane Irene.


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