Crude Oil Updates

Crude oil futures inched up in the Asia trades today after a steep fall in prices yesterday as the US stocks tumbled sharply and as the crude oil inventories increased more than expected.
Also the demand concerns tied to ongoing economic and financial woes in Europe kept oil under pressure. Yesterday, oil tumbled nearly 5% setting below $85 a barrel. Also, earlier relief in the market over election returns showing a second term for President Barack Obama gave way to worries about the so-called U.S. fiscal cliff.
The dollar rose to a two-month high against a basket of major currencies on Wednesday as fears about going over the so-called fiscal cliff sunk U.S. equity markets in the wake of President Barack Obama’s election to a second term.
Fresh concerns also emerged Wednesday about Europe’s economic health after German industrial production fell sharply in September and the European Commission slashed its 2013 euro-zone growth forecast to 0.1% from 1%.
Oil futures added to earlier losses Wednesday after the Energy Information Administration reported a bigger-than-expected rise in crude supplies and a surprise climb in gasoline inventories for the week ended Nov. 2. U.S. crude supplies rose by 1.8 million barrels, according to the agency. Analysts polled Platts had expected a 1 million-barrel increase.
Light sweet crude oil futures are trading up 39 cents at $ 84.84 per barrel on the New York Mercantile Exchange. in early Asia electronic trades today. It fell $4.27, or 4.8%, to settle at $84.44 a barrel. The contract had rallied 3.6% on Tuesday.
MCX November crude oil futures may open today’s session near Rs 4670 levels with resistance near Rs 4710 and Rs 4740 levels.
On the economic front today, the European Central Bank is due to address monetary policy later today. Also, China’s week-long conference to usher in the country’s next leaders and policies kicked off Thursday. But with U.S. voters choosing President Barack Obama over challenger Mitt Romney, who had taken a harder line on China, Sino-U.Shttp://www.commoditytipsadvisory.com/. relations now looked less likely to sour further.

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