Crude oil drops after API data, oversupply concerns
29/04/2015 12:26
Crude oil prices eased on Wednesday with investors focused on continued tensions in Yemen and supply data from the US.
The American Petroleum Institute said that crude oil stocks last week rose 4.2 million barrels indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. Distillate supplies eased 746,000 barrels and gasoline stocks fell 408,000 barrels.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,611 per barrel, down by 0.41 per cent, after opening at Rs. 3,607 against the previous closing price of Rs. 3,626. It touched the intra-day low of Rs. 3,605 till the trading. (At 12.13 PM today). Sentiment weakened further as oversupply outweighed political uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco.
29/04/2015 12:26
Crude oil prices eased on Wednesday with investors focused on continued tensions in Yemen and supply data from the US.
The American Petroleum Institute said that crude oil stocks last week rose 4.2 million barrels indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. Distillate supplies eased 746,000 barrels and gasoline stocks fell 408,000 barrels.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,611 per barrel, down by 0.41 per cent, after opening at Rs. 3,607 against the previous closing price of Rs. 3,626. It touched the intra-day low of Rs. 3,605 till the trading. (At 12.13 PM today). Sentiment weakened further as oversupply outweighed political uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco.
