Oil Slips As Inventories Surge 13-Feb-2014

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images (12)Crude oil futures slipped in the Asia electronic session today depressed by rise in the weekly crude oil inventories data.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 3.3 million barrels in the week ended Feb. 7 compared to expectations for an increase of 2.7 million barrels. Total U.S. crude oil inventories stood at 361.4 million barrels as of last week.

On Tuesday, the American Petroleum Institute reported a climb of 2.1 million barrels in crude supplies for the week ended Feb. 7. That was close to market expectations as analysts surveyed by Platts had forecast a climb of 2.5 million barrels in crude supplies.

OPEC, meanwhile, said world oil demand should grow at a slightly faster rate than previously expected in 2014. They cartel now sees growth of 1.09 million barrels a day, up from a previous estimate of 1.05 million barrels per day.

West Texas Intermediate crude for delivery in March is trading down 52 cents at $ 99.85 per barrel on the New York Mercantile Exchange. Yesterday, it hit a session low of $100.12 a barrel and a high of $100.36 a barrel to settle at $100.37 a barrel.

MCX February crude oil futures may open today’s session near Rs 6200 levels with support around Rs 6170 levels.