US inventory drop lifts Oil
18/08/2016 10:54
Crude oil futures rose during morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a larger-than-expected decline in US crude stockpiles last week eased fears over a global supply glut. The EIA said that US crude oil supplies fell 2.5 million barrels to 521.1 million barrels in the week ended August 12, 2016. Analysts were expecting a drawdown of 200,000 barrels last week. Further, gasoline supplies fell by 2.7 million barrels last week. However, the gains in the fuel were trimmed by worries that increased output from Saudi Arabia may flood the market with the kingdom boosting production in July to 10.67 million barrels per day, a record high. At the MCX, Crude oil futures for August 2016 contract is trading at Rs 3,124 per barrel, up by 0.32 per cent, after opening at Rs 3,125, against a previous close of Rs 3,114. It touched the intra-day high of Rs 3,128. (At 10:44 AM).
18/08/2016 10:54
