COMMODITY MARKET :- Oil prices rise on tighter US market, Middle East tensions

Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.

Brent crude futures, the international benchmark for oil prices, were at $58.27 at 0314 GMT, up 39 cents, or 0.7 percent from their last close - and a third above mid-year levels.

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U.S. West Texas Intermediate (WTI) crude futures were at $52.13 per barrel, up 25 cents, or 0.5 %, and almost a quarter above mid-June levels.

U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute (API) said late on Tuesday.

                    Trading Ideas

1. Crudeoil trading range for the day is 3293-3423.
2. Crude oil prices pared its gains as expectations of a ramp up in U.S. production weighed on sentiment.
3. U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute (API) said.

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Rupee opens 6 paise lower at 64.10 against US dollar

The Indian rupee depreciated further in opening trade Tuesday on dollar demand. It started off trade at 64.10 a dollar, down 6 paise compared to previous day's closing of 64.02.

Bhaskar Panda of HDFC Bank said he expects the USD-INR pair to play to global tunes.

The expected range could be 63.95-64.20 per dollar.

News related to North Korea-US spooked Indian currency market in previous session.

Yesterday, the rupee closed 2 paise lower at 64.04 per dollar against Friday's close of 64.02.

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