Gold Silver Reports ~ Crude oil may trade with positive bias as EIA inventory data to give further direction to the prices. Overall it can move in range of 1850- 2000.
Crude Oil futures finished lower on Tuesday for a 4th-straight session, as lower price outlooks for this year and forecasts for a persistent global glut of supplies sent West Texas Intermediate crudeoil back under $28 a barrel. The U.S. Energy Information Administration cut its 2016 forecasts for West Texas Intermediate and Brent crude prices in a monthly report issued Tuesday. Meanwhile, a monthly report from the International Energy Agency essentially stuck to a bearish forecast that crude demand for this year won’t grow more than 1.2%. Oil prices briefly fell nearly 8% on Tuesday as equity markets remained weak and forecasts of swelling record high U.S. crude stockpiles faced expectations that global demand will not grow quickly enough to erase the overhang of crude any time soon. Natural gas can move in range of 142-148 in MCX. ~ Neal Bhai Reports
