Crude oil drops after US crude stocks rise
18/03/2015 12:27
Crude oil prices fell by 3.08 per cent on Wednesday at the domestic markets as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut.
Crude inventories rose by 10.5 million barrels in the week to March 13 to 450 million, data from industry group the American Petroleum Institute showed. Analysts had expected a 3.8 million barrel increase.
At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,674 per barrel, down by 3.08 per cent, after opening at Rs. 2,752 against the previous closing price of Rs. 2,759. It touched the intra-day low of Rs. 2,672 till the trading. (At 11.45 AM today).
18/03/2015 12:27
Crude oil prices fell by 3.08 per cent on Wednesday at the domestic markets as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut.
Crude inventories rose by 10.5 million barrels in the week to March 13 to 450 million, data from industry group the American Petroleum Institute showed. Analysts had expected a 3.8 million barrel increase.
At the MCX, crude oil futures for February 2015 contract were trading at Rs. 2,674 per barrel, down by 3.08 per cent, after opening at Rs. 2,752 against the previous closing price of Rs. 2,759. It touched the intra-day low of Rs. 2,672 till the trading. (At 11.45 AM today).
