Crude rose for a second day, extending yesterday’s gains

2009 April 9

by Preeti

Crude rose for a second day, extending yesterday’s gains that followed a US government report showing a smaller inventory gain than industry figures.

Nymex Crude May gains 1.4% to $ 50.07/bbl due to DOE reports which shows lower gains in inventory than API. Crude inventories are up 1.65 m bbl to 361.1 m bbl. Inventories decline in cushing. Fuel demand is down 4.4%. Crude has been trading between $ 47-54 for past 3 weeks. Near-term range for crude is seen between $ 48-53/bbl.

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DISCLAIMER : Stock trading involves high risk and one can lose Substantial amount of money.The recommendations made herein Do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will Not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on technical analysis only.

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