Daily

Daily Metal & Agro Buzz:



HIGHLIGHTS:

West Texas Intermediate oil extended losses in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected. Crude oil for August delivery on the NYMEX fell 1.16% to trade at $73.25 a barrel by 10:50 AM ET (2:50GMT) compared to $73.22 ahead of the report. The U.S. EIA said in its weekly report that crude oil inventories fell by 12.633 million barrels in the week ended July 6. Market analysts' had expected a crude-stock decline of 4.489 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 6.8 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 2.062 million barrels last week, the EIA said. The report also showed that gasoline inventories decreased by 694,000 barrels, compared to expectations for a decrease of 750,000 barrels, while distillate stockpiles fell by rose by 4.125 million barrels, compared to forecasts for a rise of 1.2 million. In a separate report, oil production of OPEC and Russia rose by 173,000 bpd in June to 32.3million bpd, lead by increase in supply from Saudi Arabia. OPEC agreed in June to raise output at a nominal increase of 1 bpd amid pressure from the U.S. to decrease prices. Oil prices were also held back by trade tariff concerns between the U.S. and China as U.S. President Donald Trump threatened to impose tariffs of 10% on an additional $200 billion of Chinese goods.

Tags: Technical


Search Reports

SEARCH

Open an account

OPEN AN ACCOUNT

Reports

Daily Market Update...

On 15/11/2018 markets opened...

Read More

Daily Metal & Agro Buzz:

HIGHLIGHTS: Due to increase...

Read More

Daily Currency Market...

HIGHLIGHTS: The dollar held...

Read More

Daily Market Update...

On 14/11/2018 markets opened...

Read More

Daily Metal & Agro Buzz:

HIGHLIGHTS: India's...

Read More

AMBUJA

SHORT TERM HOLDING CALL: BUY...

Read More

KOTAKBANK

SHORT TERM TRADING CALL: BUY...

Read More

UBL

SHORT TERM TRADING CALL: BUY...

Read More

RBLBANK

SHORT TERM TRADING CALL: BUY...

Read More

BRITANNIA

SHORT TERM TRADING CALL: BUY...

Read More

Subscribe to newsletter

Request a call back

DISCLAIMER: This document has been prepared by Arihant Capital Markets Limited (hereinafter called as Arihant) and its subsidiaries and associated companies. This document does not constitute an offer or solicitation for the purchase and sale of any financial instrument by Arihant. This document has been prepared and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst meticulous care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the analyst nor any employee of our company is in any way is responsible for its contents and nor is its accuracy or completeness guaranteed. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this material may not be suitable for all investors. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. Arihant Capital Markets Ltd (including its affiliates) or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may; (a) from time to time, have positions in, and buy or sell or (b) be engaged in any other transaction and earn brokerage or other compensation in the financial instruments/products discussed herein or act as advisor or lender/borrower in respect of such securities/financial instruments/products or have other potential conflict of interest with respect to any recommendation and related information and opinions.