(CNBC)
The crude price gained 17 percent in the month of January and Russia- Ukraine tensions and started the month of February on a positive note . The Organisation of the Petroleum Exporting Countries (OPEC) meeting today is the major focus where the 23 nation alliance expected to announce 400,000 barrels per day of an addition in the month of March. The Organisation of the Petroleum Exporting Countries (OPEC) meeting today is the major focus where the 23 nation alliance expected to announce 400,000 barrels per day of an addition in the month of March. The US crude inventory data also comes in today and the markets are anticipating bullish news from that as well and that’s the reason a spike is seen in the Asian markets yet again.
The US crude inventory data also comes in today and the markets are anticipating bullish news from that as well and that’s the reason a spike is seen in the Asian markets yet again. Not just crude, even gasoline is trading at a 7-year high. The heating oil and natural gas prices also are trading at a multi-year high. So the energy pack continues to do quite well. What has seen some profit-taking is the coal price; 5 percent of a decline overnight and this is after Indonesia lift the ban on coal exports.
