In the Indian commodity market today Oil prices is in positive note in Asia today but gains were capped as dealers fretted over an oversupplied global market after US crude reserves once again swelled to a record high.
In the International market Crude oil price Rose by 25 cent to USD 57.79 in late-morning trade because off US benchmark West Texas Intermediate rose two cents to USD 48.19 while Brent crude rose 25 cents
In Wednesday crude oil inventories surged by 4.5 million barrels in the week to March 6 to 448.9 million, the highest level The US Department of Energy said .
Analysts say volatility is likely to continue for some time. Prices have since rebounded following a slowdown in US oil-drilling activities.
Prices are likely to remain in a tight range for the next two weeks until the market gets more clarity on the ongoing negotiations between Iran and the US over the lifting of sanctions.
Mcx Crude Oil Tips :In Today Trend of the Crude oil is bearish for medium-long term.Crude Oil witness Supported at 2965-2910 with immediate resistance 3050-3132.
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