NYMEX
light sweet Crude Oil for May delivery ended at $ 97.23 per barrel, up
3.7% in the week. The Energy Information Administration (EIA) reported
that the Crude oil inventories in US increased by 3.3 million barrels to
385.9 million barrel for the week ending 22 March 2013. The week proved
fruitful for US benchmark Crude oil futures as it tested a one month
highs on the news of Cyprus bailout. Recovering risk appetite in the world resulted in the rise of Crude oil futures even as the inventories moved up in the holiday shortened week. The prices in coming days will be riding on further clarity of bailouts in other Eurozone countries and the rising Crude oil stockpiles.
Crude oil participants are also keeping an eye on the reserved in Cushing Okla. The reserves in the region can dip bringing an impact on the overall prices of Crude oil in NYMEX exchange. Meanwhile, Oil output in OPEC is anticipated to reach lowest levels since October 2011. The supplies are expected to average at 30.18 million barrels per day, down 30.42 million barrels per day in February.
The decline is mainly on account of disruptions of supplies in Libya, exporting problems in Iraq and news of pipeline leaks in Nigeria. In October 2011, OPEC had produced 29.81 million barrels per day of Crude Oil.
Source by Commodity Insights
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