Oil Stays Flat Ahead Of Inventories

       Crude oil futures stayed flat in the Asia electronic session today with the traders awaiting the weekly oil inventories data from the U.S. Energy Information Administration due later today.
       May crude oil futures are trading flat at $88.72 a barrel on the New York Mercantile Exchange. Yesterday, it added a penny to settle at $88.72 a barrel, after touching intraday lows under $87. Prices had tallied a loss of more than 6% over the past three trading sessions.
      Nymex oil on Monday dropped $2.58, or 2.8%, to $88.71 a barrel, the lowest settlement for a most-active contract since late December. Oil and other commodities sank Monday after quarterly economic growth and monthly industrial production numbers from China came in weaker than anticipated. The figures ramped up worries that demand for commodities, including oil, will soften.
      The International Monetary Fund on Tuesday trimmed projections for global economic growth for this year and next to take into account sharp government spending cuts in the United States and the latest struggles of recession-stricken Europe.
      While it said economic prospects had improved in recent months with a fading of financial risks, it warned Europe against relaxing efforts to combat its debt crisis given the messy bailout in Cyprus and a political stalemate in Italy.
      Highlighting those concerns, the International Energy Agency and the Organization of the Petroleum Exporting Countries last week reduced their global oil-demand growth estimates for the year slightly.
      Data from the American Petroleum Institute (API) showed total weekly U.S. crude stocks down by 6.7 million barrels, in contrast to a Reuters survey in which analysts forecast a rise of 1.3 million.
      The APIs report put gasoline stocks up by 253,000 barrels and distillate stocks up by 1.3 million barrels. Stocks of U.S. crude at Cushing, Oklahoma, the delivery point for the U.S. crude contract, were up by 1.1 million barrels.
      The more closely watched data from the U.S. government agency, the Energy Information Administration, will be released Wednesday at 10:30 a.m. EDT (1430 GMT).
      MCX April crude oil futures may open today’s session near Rs 4800 with resistance near Rs 4825 levels and support near Rs 4780 levels. [via]

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