Crude Oil Futures Gain on API Data

Crude oil futures gained on Thursday’s Asian trading session in reaction to decrease in inventories data released by American Petroleum Institute.

As per latest report of API the crude oil inventories fell 4.8 million barrels for the week ending January 13th, 2012 whereas analysts were expecting the increase of 2.6 million barrel in crude oil stockpiles. Crude oil future contract for February delivery gained 1 percent or $1 to $101.59 on electronic trading of the New York Mercantile Exchange. In earlier trading session on Wednesday the crude oil futures contract saw some pressure over the news of rejection of proposed oil pipeline from Canada by White House.

Contrary to light sweet crude oil, London’s Brent crude oil for March delivery fell $0.56 to $110.97 on ICE Futures Exchange.

Weaker greenback also boosted commodities prices as the dollar index DXY which measures the US dollar’s performance against is six major rival currencies fell to 80.420 in Thursday’s Asian trading session as compared to 80.540 on Wednesday’s North American trading session.

Among other commodities, gasoline futures contract for February delivery gained $0.02 to $2.84 per gallon, while heating oil for the same month delivery advanced 0.7 percent to $3.03. Natural gas futures for February delivery remained unchanged at $2.47 per million British thermal units.

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