Crude Oil rises to near-3 month high as US inventories fall

Source: CommodityOnline.com

WTI crude oil prices hit a intra-day high of $94.74, the highest level since May 15, while Brent Crude Oil rose to $112 per barrel on unexpected drop in US inventories and geopolitical tensions

 

NEW YORK/MUMBAI (Commodity Online): US Crude Oil futures continued its upward movement that began last Friday as positive inventory data and weakness in dollar helped push prices to $94.72, highest intra-day levels since May 15, 2012.

Analysts said that a combination of geo-political tensions in the Middle East which could disrupt supplies and far greater inventory decline than forecasted in US caused the prices to surge on Wednesday trade. According to US Energy Department, Oil inventories were recorded at 369.9 mn barrels last week representing a fall of 1 percent.

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Brent oil for September settlement increased 86 cents, or 0.8 percent, to $112.86 on the London-based ICE Futures Europe exchange.

Reflecting global trends, crude oil futures at India’s Multi Commodity Exchange traded positively on Wednesday. Crude Oil August contract has risen 0.23% to Rs 5183 per barrel in evening trade.

Astrology prediction turns true
Meanwhile, an Indian financial astrologer, Rajeev Prakash Agarwal, Director of MAA Astrodunia Pvt Ltd based in Indore, said that his prediction made on Wednesday morning in Commodity Online regarding crude oil had turned out to be true. “ It has gone up from $93 per barrel to $94.70, very near to our prediction of $95, I am still bullish on Crude oil,” he said.
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“Targets to be achieved by next week : WTI Crude Oil to rise to $96-98 and can also touch $100/bbl if it sustains at $98 or even $100. I suggest investors Buy Crude Oil ,” Rajeev Prakash Agarwal said.

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