Crude oil drops on US stock build
23/04/2015 12:09
Crude oil prices fell by 0.03 per cent on Thursday at the domestic markets after industry data showed a build in US crude inventories for the 15th straight week, adding to concerns of a global supply glut. US crude inventories climbed for the fifteenth week on the trot, up 5.3 million barrels to a new high of 489 million barrels in the week ended April 17, 2015, more than double analysts’ estimates of a 2.6 million barrels rise.
Cushing supplies rose by 738,000 barrels last week while refineries operated at 91.2 per cent of capacity, down 1.1 percentage points from the previous week, signaling weak fuel demand in the world’s biggest oil consumer.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,567 per barrel, down by 0.03 per cent, after opening at Rs. 3,561 against the previous closing price of Rs. 3,568. It touched the intra-day low of Rs. 3,557 till the trading. (At 11.57 AM today).
23/04/2015 12:09
Crude oil prices fell by 0.03 per cent on Thursday at the domestic markets after industry data showed a build in US crude inventories for the 15th straight week, adding to concerns of a global supply glut. US crude inventories climbed for the fifteenth week on the trot, up 5.3 million barrels to a new high of 489 million barrels in the week ended April 17, 2015, more than double analysts’ estimates of a 2.6 million barrels rise.
Cushing supplies rose by 738,000 barrels last week while refineries operated at 91.2 per cent of capacity, down 1.1 percentage points from the previous week, signaling weak fuel demand in the world’s biggest oil consumer.
At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,567 per barrel, down by 0.03 per cent, after opening at Rs. 3,561 against the previous closing price of Rs. 3,568. It touched the intra-day low of Rs. 3,557 till the trading. (At 11.57 AM today).
