Gold Silver Reports — Crude oil may open on negative path tracking profit booking at higher levels as EIA weekly inventory data to give further direction to the prices. Overall it can move in range of 3200-3300.
Crude Oil prices fell about 2 percent in extended trading on Tuesday as data showed a surprise build in U.S. crude inventories last week, adding to the market’s nervousness around Britain’s vote next week on whether to leave the European Union. Data from the American Petroleum Institute (API) showed U.S. crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million.
The referendum-related concerns eclipsed an upbeat forecast for oil demand growth from the International Energy Agency (IEA), which said the oil market is essentially balanced after two years of surpluses. OPEC forecast that the oil market would be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed erosion of a supply glut. Natural gas may continue its bullish momentum as it can move in range of 171-179 in MCX. — Neal Bhai Reports