Crude Oil ends higher despite bearish API
report
04/02/2015 09:11
Crude oil futures surged in the domestic and overseas market on Tuesday in spite of a relatively bearish report from an industry body on U.S. stockpiles. U.S. inventories for the week ended Jan. 30 rose by 6.1 million barrels to 411.2 million barrels, according to reports citing the American Petroleum Institute late Tuesday. Crude prices extended its rally as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Industry research group Baker Hughes said last Friday that the number of rigs drilling for oil in the U.S. fell by 94, or 7 per cent, to 1,223 last week, the lowest since October 2013. The number of oil rigs has declined in 13 of the last 16 weeks since hitting an all-time high of 1,609 in mid-October. Oil may rise today amid fears that a prolonged US strike may tighten supplies. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,226 per barrel, up by 5.67 per cent, after opening at Rs 3,080, against the previous close price of Rs 3,053. It touched an intraday high of Rs 3,236 till the closing.
04/02/2015 09:11
Crude oil futures surged in the domestic and overseas market on Tuesday in spite of a relatively bearish report from an industry body on U.S. stockpiles. U.S. inventories for the week ended Jan. 30 rose by 6.1 million barrels to 411.2 million barrels, according to reports citing the American Petroleum Institute late Tuesday. Crude prices extended its rally as investors closed out bets on lower prices after data showed the number of U.S. oil drilling rigs had fallen by the most in nearly 30 years last week. Industry research group Baker Hughes said last Friday that the number of rigs drilling for oil in the U.S. fell by 94, or 7 per cent, to 1,223 last week, the lowest since October 2013. The number of oil rigs has declined in 13 of the last 16 weeks since hitting an all-time high of 1,609 in mid-October. Oil may rise today amid fears that a prolonged US strike may tighten supplies. At the MCX, Crude oil futures, for the February 2015 contract, closed at Rs 3,226 per barrel, up by 5.67 per cent, after opening at Rs 3,080, against the previous close price of Rs 3,053. It touched an intraday high of Rs 3,236 till the closing.
