Crude oil dips tracking weak global shares

Nymex crude oil traded on a flat note on Monday, mainly on the back of choppy sentiments in the global financial markets. But sharp fall was cushioned due to weakness in the US dollar yesterday. Prices touched an intra-day low of $111 .08/bbl and closed the session at 112.28/bbl. On the MCX, oil prices declined around 0.3 percent and touched an intraday high low of $4956/bbl.
API Inventory Data today
The American Petroleum Institute (APII will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are expected to increase by I million barrels in the w/e 22nd April 2011. Distillates, which include heating oil and diesel, are expected to increase by 0.4 million barrels. Gasoline inventories are expected to decrease by 1.3 million barrels in the same week. The US crude oil inventories are likely to increase as crude oil imports increased faster than refinery demand.
Outlook
Crude oil prices are expected to trade lower today on account of strength in the dollar and choppy sentiments in the global financial markets. Oil will also come under pressure on expectations of rise In US crude oil inventories to be released by the API today.
Courtesy: Angel Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/Crude-oil-dips-tracking-weak-global-shares-23399.html)