Oil higher despite US stockpile surprise 25/08/2016

Oil higher despite US stockpile surprise
25/08/2016 11:54

Crude oil futures logged modest gains during morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity even as US storage levels witnessed an unexpected surge last week, exacerbating fears over a global supply glut.
The EIA said that US crude supplies climbed 2.5 million barrels to 523.6 million barrels in the week ended August 19, 2016, the highest seasonal level in decades.
Further, stockpiles in Cushing, the biggest US oil storage hub climbed 375,000 last week.
At the MCX, Crude oil futures for September 2016 contract is trading at Rs. 3156 per barrel, up by 0.25 per cent, after opening at Rs. 3142, against the previous closing price of Rs. 3148. It touched the intra-day high of Rs. 3165. (At 11:16 AM).