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Oil Breaks Above $97 On Strong Data

Capital Market/ 09:52 , Jan 29, 2013

Crude oil futures jumped above $97 a barrel helped by gains in the Asia equities and strong US durable goods data.

Light, sweet crude oil for March delivery on the New York Mercantile Exchange are trading up 18 cents at $ 97 a barrel. Yesterday, it settled up 56 cents at $96.44 a barrel, but off from its session high of $96.81 a barrel. The modest gain was enough to push crude to its highest settlement since Sept. 18.

Oil futures climbed yesterday as the Commerce Department said December U.S. durable goods orders rose 4.6% from November. The data is the latest of recent strong indicators of a recovery in the U.S., the world's biggest oil consumer.

But after sluggish data on home sales and weakness in the broader equities market, crude turned down before regaining traction to tick up to a fresh high after failing to hold gains above $96 a barrel in the three prior sessions.

MCX February delivery crude oil futures may open today’s session near Rs 5220 levels with resistance near Rs 5240 and Rs 5270 levels.

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