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The U. S. Energy Information Administration said on Wednesday that U. S. crude oil inventories rose by 2.4 million barrels in the week ending May 21.

Crude inventories rose to 365.1 million barrels during the week and remained above the upper limit of the average range for this time of year, the agency said.

It has been reported that Gasoline inventories for the week fell only slightly, declining by 200,000 barrels to 221.6 million barrels. Stockpiles of gasoline are also above the upper limit of the average range.

The U. S. Justice Department has said that the FBI arrested a Walt Disney Co. secretary and her boyfriend on charges of scheming to profit on insider information.

The Los Angeles Times has reported that agents arrested Jean Hoxie and Yonni Sebbag, who allegedly sent anonymous letters to more than 20 hedge funds, outlining a scheme to sell corporate reports before their public release dates.

According to the official reports, a U. S. market rally spun into disarray late Wednesday, leaving the Dow Jones industrial average to close lower than it has since early February.

As equity markets rose in Asia and Europe but slipped on Wall Street, Grain futures closed higher on the Chicago Board of Trade on Wednesday.

Corn was up 7 1/4 to up 8, soybeans were up 7 to up 8 1/2, wheat was up 3/4 to up 1 1/4 and oats were up 1.

Despite the dollar index rising 0.6 percent, Corn prices rose.

It has been reported that wheat futures found support from forecasts of hot weather that could do damage to the hard, red winter wheat crop.

Technical Analyst PK Agarwal of Purpleline Investment has maintained 'hold' rating on JSW Steel Ltd stock to achieve a medium term target.

According to analyst, the investors can exit on a rally to around Rs 1100.

Today, the stock opened at Rs 1052 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1350 and a low of Rs 495.15 on BSE.

Current EPS & P/E ratio stood at 108.15 and 9.54 respectively.

JSW Steel Ltd, on May 25, may consider slashing rates of flat steel items by the coming month owing to declining global steel prices.

As equities staged a comeback in Asia and Europe, it has been reported that June delivery crude oil prices edged above $70 per barrel, on the New York Mercantile Exchange.

It was also reported that stock markets rose across the board in Asia and Europe, but the upward trend lost traction on Wall Street, where early gains faded late in the day.

Despite a 0.6 percent gain in the dollar index, June delivery crude oil jumped $1.96 to $70.71 per barrel.