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MTECHTIPS:-CRUDE OIL
Crude oil futures jumped above $104 a barrel as the financial markets cheered after a
successful Spanish bond sale which soothed concerns about the euro zone. Oil for delivery in
May added 18 cents, to $104.38 a barrel on the New York Mercantile Exchange during Asian
trading hours. Oil futures ended 1.2% higher on Tuesday, overcoming choppy early trading to
run higher alongside U.S. equities. The American Petroleum Institute (API) reported late
Tuesday that crude-oil inventories rose by 3.4 million barrels for the week ended April 13.
The API data comes ahead of the more closely-watched U.S. Energy Information
Administration report due later in the day. MCX benchmark crude futures may open above
Rs 5370 levels with resistance near Rs 5400 and Rs 5430 levels.
Crude oil futures jumped above $104 a barrel as the financial markets cheered after a
successful Spanish bond sale which soothed concerns about the euro zone. Oil for delivery in
May added 18 cents, to $104.38 a barrel on the New York Mercantile Exchange during Asian
trading hours. Oil futures ended 1.2% higher on Tuesday, overcoming choppy early trading to
run higher alongside U.S. equities. The American Petroleum Institute (API) reported late
Tuesday that crude-oil inventories rose by 3.4 million barrels for the week ended April 13.
The API data comes ahead of the more closely-watched U.S. Energy Information
Administration report due later in the day. MCX benchmark crude futures may open above
Rs 5370 levels with resistance near Rs 5400 and Rs 5430 levels.
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