Crude oil futures rose for the second day on sustainable liquidity situation in EU countries. Positive Asian equity indices, stronger Euro and positive economic data from across world, all factors kept momentum in oil prices throughout the day.
US commercial crude oil inventories gained by 1.07 mb to 359.7 mb in the week ended Nov. 26 against the forecast of decline of 1.15 mb.
Natural gas futures traded 1% down after EIA reported lesser than expected decline in natural gas inventories. Natural gas stockpiles fell by 23 Bcf against forecast of 29 Bcf. EIA report showed increase in proven natural gas reserves. U.S. net proved natural gas reserves rose 11% in 2009 to total 284 tcf.
NYMEX Crude oil has important resistance at $89 with support at $85.
MCX Crude oil (Dec) has resistance at ` 3990, support at 3890.
MCX Natural gas (Dec) has resistance at 198, support at 189.
