Crude oil futures zoom on US stockpile draw
03/08/2016 16:43
Crude oil futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their positions in the energy commodity after the US crude oil inventories fell last week, easing concerns over a worsening global supply glut.
The Industry-funded American Petroleum Institute (API) on Tuesday reported that US crude oil inventories fell by 1.3 million barrels in the week ended July 29, 2016. The Energy Information Administration (EIA) will release separate US inventory data on Wednesday.
Meanwhile, a Bloomberg news survey showed that the OPEC, a cartel which accounts for about 70 per cent of global supplies, cut its crude output by 80,000 barrels per day in July due to militant attacks in Nigeria and the continued dispute over control of Libya’s oil and exports.
At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,673 per barrel, up by 1.25 per cent, after opening at Rs 2,655, against a previous close of Rs 2,640. It touched the intra-day high of Rs 2,686 (at 16:40 hours).
03/08/2016 16:43
The Industry-funded American Petroleum Institute (API) on Tuesday reported that US crude oil inventories fell by 1.3 million barrels in the week ended July 29, 2016. The Energy Information Administration (EIA) will release separate US inventory data on Wednesday.
Meanwhile, a Bloomberg news survey showed that the OPEC, a cartel which accounts for about 70 per cent of global supplies, cut its crude output by 80,000 barrels per day in July due to militant attacks in Nigeria and the continued dispute over control of Libya’s oil and exports.
At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,673 per barrel, up by 1.25 per cent, after opening at Rs 2,655, against a previous close of Rs 2,640. It touched the intra-day high of Rs 2,686 (at 16:40 hours).
