Crude oil gains as API data shows crude stocks drop
06/05/2015 12:17
Crude oil prices were up on Wednesday after industry data on U.S. stocks showed a drop. The American Petroleum Institute said that crude oil stocks in the U.S. fell 1.5 million barrels last week. Data on distillates and gasoline was not immediately available. Energy traders await Wednesday's weekly inventory report from the Energy Information Administration (EIA) to receive a better indication on current U.S. supply levels. At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,912 per barrel, up by 1.43 per cent, after opening at Rs. 3,882 against the previous closing price of Rs. 3,857. It touched the intra-day high of Rs. 3,928 till the trading. (At 12.11 PM today). Prices also rose bolstered by a spate of geopolitical tensions in Northern Africa and the Middle East. In Libya, officials were forced to shut down the Zueitina oil port near Benghazi after protesters blocked a pipeline to the export facility. Elsewhere, Republicans leaders in the Senate appeared to be at a standstill on a resolution for an Iranian Nuclear Bill which was expected to come up for a vote later this week
06/05/2015 12:17
Crude oil prices were up on Wednesday after industry data on U.S. stocks showed a drop. The American Petroleum Institute said that crude oil stocks in the U.S. fell 1.5 million barrels last week. Data on distillates and gasoline was not immediately available. Energy traders await Wednesday's weekly inventory report from the Energy Information Administration (EIA) to receive a better indication on current U.S. supply levels. At the MCX, crude oil futures for May 2015 contract were trading at Rs. 3,912 per barrel, up by 1.43 per cent, after opening at Rs. 3,882 against the previous closing price of Rs. 3,857. It touched the intra-day high of Rs. 3,928 till the trading. (At 12.11 PM today). Prices also rose bolstered by a spate of geopolitical tensions in Northern Africa and the Middle East. In Libya, officials were forced to shut down the Zueitina oil port near Benghazi after protesters blocked a pipeline to the export facility. Elsewhere, Republicans leaders in the Senate appeared to be at a standstill on a resolution for an Iranian Nuclear Bill which was expected to come up for a vote later this week
