MTECHTIPS;WTI Crude Oil rises after positive US data, Middle East tensions

MTECHTIPS;WTI Crude Oil rises after positive US data, Middle East tensions

US crude oil futures steadied early Wednesday after recording significant gains in the prior session. WTI crude oil jumped after a rise in US consumer confidence data. US home prices also climbed giving a positive hint to the crude oil prices.United States Conference Board’s index of sentiment climbed to 76.2 in May, the highest level since February 2008. Also, the S&P/Case-Shiller index of property values recoded a jump, highest in seven years. NYMEX crude oil for July delivery was seen trading down by 0.22% at $94.81 per barrel as of 10.19 AM IST on Wednesday.Brent crude oil for July delivery was also down by 0.34% at 104.07 per barrel as of 10.19 AM IST on Wednesday.German unemployment rate, Eurozone M3money supply, Italy business confidence and German inflation data are scheduled to be released at 01.25, 01.30, 01.30 and 05.30 PM IST today.Meanwhile, US ICSC weekly chain store sales and US Redbook weekly retail sales data are also expected for the day.A meet of the Organisation of the Petroleum Exporting Countries (OPEC) is scheduled to be held in Vienna on Friday and crude oil production policy is expected to remain unchanged.However, higher US crude oil stock-piles, poor Chinese factory data, and persisting economic slow down around the globe are limiting gains in crude oil.Concerns that, the persisting political unrest in Syria may spread to the rest of the Middle East may support crude oil prices to some extent.

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