Oil down in volatile trade after glut worry, dollar limits drop

Oil prices fell on Tuesday, pressured by expectations of a 10th week of record highs in US crude inventories as trade remained volatile from a weaker dollar and short-covering after three days of price drops.



Traders and investors forecast that crude stocks in the United States rose by 3.8 million barrels last week to nearly 453 million, an updated Reuters poll showed. That would be the biggest domestic stockpile in at least 80 years.



US crude was at $43.83 a barrel, down 5 cents. Technical charts show brittle support for US crude at above $40, suggesting it could fall to between $37 and $32.



News that a refinery in Port Arthur, Texas, had begun the start up process for a unit under maintenance helped US crude pare losses. Run by Motiva, the refinery has a capacity to handle 600,250 barrels of crude per day.



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Posted in: Indian Market Tips