MCX Crude oil prices traded higher in the last week on account of unexpected fall in crude oil inventory (API). Supply concerns from Iran and weakness dollar also provided support to the prices.
As per the American Petroleum Institute (API) report, US crude oil inventories declined sharply by 4.5 million barrels for the week ending on 3rd February 2012.
As per the US Energy Department (EIA) report, US crude oil inventories increased by 304,000 barrels to 339.2 million barrels for the week ending on 3rd February 2012.
The Organization of Petroleum Exporting Countries (OPEC) has cut its 2012 forecast for global crude oil consumption by 120,000 barrels a day to 88.76 million.
The US Energy Department (EIA) also reduced its world demand forecast for the year to 89.25 million barrels a day in February from 89.38 million in January.
MCX February crude oil prices opened the week at Rs 4,765/bbl, initially traded lower and found support at Rs 4,738/bbl, later prices surged sharply from low and touched a high of Rs 4,958/bbl and finally closed at Rs 4,926/bbl (February 11, Saturday) with a gain of Rs 159/bbl as compared with a previous close of Rs 4,767/bbl.
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