Oil.......
Crude oil futures inched up on value buying in the Asia electronic session today after the commodity tumbled to the lowest level in more than three weeks yesterday as traders awaited a reading on U.S. economic growth and an update on the Federal Reserve's stimulus measures.
Light, sweet crude futures for delivery in September are trading up 22 cents at $ 103.30 per barrel on the New York Mercantile Exchange. Light, sweet crude for September delivery settled $1.47, or 1.4%, lower at $103.08 a barrel its lowest finish since July 3.
In the economic front today, Japan's manufacturing grew at a slower pace this month, though still registered expansion, according to the Markit/JMMA Japan manufacturing Purchasing Managers' Index, released Wednesday. The headline index fell to 50.7 from June's 52.3, but remained above the 50 level -- the dividing line between growth and contraction -- for the fifth straight month.
Chinese stocks rose Wednesday after state media said the Communist Party's politburo vowed to keep economic growth steady in the second half of the year despite what it said were "extremely complicated domestic and international conditions." The Xinhua news report Tuesday carrying the statement didn't specify a growth level that it would defend. China's gross domestic product rose 7.7% in the first quarter and 7.5% in the second quarter.
The American Petroleum Institute reported a decline in U.S. inventories in its separate survey released late Tuesday. The industry group said crude stockpiles last week declined 740,000 barrels.
Investors are likely to remain cautious ahead of the second-quarter gross domestic product data and Fed statement Wednesday. The weekly crude stockpiles data is also due Wednesday. On Friday, traders will shift their focus to the Labor Department's closely watched nonfarm payrolls for the month of July. The release will offer clues on the health of the U.S. jobs market.
MCX August crude oil futures may open today’s session near Rs 6280 levels with resistance near Rs 6315-30 levels.
Source by Commodity Insights
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