Gold Silver Reports — Crude oil may trade on firm note as it can move in range of 3330-3444. U.S. oil prices rose to a fresh 10-month high Wednesday as traders stayed focused on production outages that could significantly curb the amount of excess global supply by year’s end. High quality global journalism requires investment.
Oil has almost doubled from wintertime lows on news of unplanned supply interruptions, a slow decline in output from US shale formations, and robust consumption from drivers enjoying cheap prices at the forecourt. The US government reported domestic crude oil stocks shrank by 3.2m barrels last week, a third consecutive drop and half a million more than the amount forecast by analysts.
The decline came as refiners processed more oil and importers delivered less. Unplanned supply outages last month averaged about 3.7m b/d, including about 800,000 b/d lost due to militant attacks on oil infrastructure in Nigeria and a similar amount because of wildfires in the oil sands of Canada, the US energy department said in a monthly report. Natural gas may move in range of 161-168 as today EIA inventory data to give further direction to the prices. — Neal Bhai Reports
