Oil Trades Flat In Asia 21-Feb-2014

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West Texas Intermediate crudeCrude oil futures are trading flat in the Asia electronic trades today after the weekly US oil supplies showed increase. However the winter season is keeping oil supported.

According to the U.S. Energy Information Administration, the supplies rose by one million barrels in the week that ended Feb. 14 as refiners close down units for seasonal maintenance.

l futures for April delivery is trading flat at $ 102.77 a barrel in the electronic trades today.

Also the weak data releases from US and China dismayed oil. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to minus 6.3 in February from January’s reading of 9.4. Analysts had expected the index to inch down to 8.0 in February.

On Thursday HSBC reported that Chinese preliminary manufacturing purchasing managers index fell to 48.3 in February against an expectation of 49.4 and compared to 49.5 in January. A value below 50 indicates that the manufacturing economy is in contraction.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 973,000 barrels last week, less than market expectations for a gain of 2.01 million barrels.

The report also showed that total motor gasoline inventories increased by 309,000 barrels, confounding expectations for a decline of 538,000 barrels.

MCX March crude oil futures may open today’s session near Rs 6400 levels with support around Rs 6380 levels and resistance near Rs 6420 levels.