However, oil futures retreated from intra-day high on speculation that the Organization of Petroleum Exporting Countries (OPEC)'s members, including Saudi Arabia, may increase oil production. Oil prices also weakened on speculation that Greek Prime Minister George Papandreou will fail to pass austerity measures even after getting a confidence vote in parliament. European government stated this week that Greek parliament would first need to pass laws on fiscal reforms and selling off state assets to get the bailout package of 12 billion Euros (US$17 billion).
At the MCX, crude oil future for July contract closed at Rs. 4,221.00 per barrel, up by 0.23 per cent, after opening at Rs. 4,225.00 against the previous closing price of Rs. 4,211.00. It touched the intra-day high and low of Rs. 4,292.00 and 4,186.00, respectively, with a business volume of 193,851 lots.
Crude oil for August contract, at the NYMEX, closed at US$94.17 per barrel, up by 54 cents, after opening at US$93.76 against the previous closing price of US$93.63. It touched the intra-day high of US$95.10 with a business volume of 311,398 lots.
Moreover, investors are waiting for oil inventories report which has scheduled to release by the Energy Information Administration (EIA) at 08:00 PM IST today. EIA may report that the U.S. inventories declined by 1.83 million barrels to 363.9 million barrels in week ended June 17, 2011. The American Petroleum Institute (API) reported yesterday that the U.S. crude oil stockpiles fell by 81,000 barrels to 362.9 million barrels in the week ended June 17, 2011.