Oil slips on strong US inventory build
24/08/2016 11:32
Crude oil futures plunged by over 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity after a surprise surge in US storage levels exacerbated fears over a global supply glut. The Industry-funded American Petroleum Institute (API) said that US crude oil supplies rose 4.46 million barrels last week. The EIA will release separate US inventory data on Wednesday. The larger-than-expected US stockpile build overshadowed media reports that Iran was considering joining possible OPEC action to support the market. At the MCX, Crude oil futures for September 2016 contract is trading at Rs 3,195 per barrel, down by 1.36 per cent, after opening at Rs 3,218, against a previous close of Rs 3,239. It touched the intra-day low of Rs 3,188. (At 11:16 AM).
24/08/2016 11:32
