Crude oil up as U.S. crude inventories dips
21/12/2017
21/12/2017 07:42
Crude oil futures closed higher in the domestic market on Wednesday after data showed a larger-than-expected drop in U.S. crude inventories. The data also showed gasoline stocks rose 1.2 million barrels, versus a forecast for a rise of 1.1 million. As per reports, the strong underlying demand reflected in the report could make traders reluctant to hold short positions, or bet on a fall in futures prices, heading into the holiday weekend, particularly given lingering geopolitical worries over Middle East tensions between Saudi Arabia and Iran. At the MCX, crude oil futures for January 2017 contract closed at Rs 3717 per barrel, up by 0.51 per cent, after opening at Rs 3704, against a previous close of Rs 3698. It touched the intra-day high of Rs 3722.
21/12/2017
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Crude oil up as U.S. crude inventories dips21/12/2017 07:42
Crude oil futures closed higher in the domestic market on Wednesday after data showed a larger-than-expected drop in U.S. crude inventories. The data also showed gasoline stocks rose 1.2 million barrels, versus a forecast for a rise of 1.1 million. As per reports, the strong underlying demand reflected in the report could make traders reluctant to hold short positions, or bet on a fall in futures prices, heading into the holiday weekend, particularly given lingering geopolitical worries over Middle East tensions between Saudi Arabia and Iran. At the MCX, crude oil futures for January 2017 contract closed at Rs 3717 per barrel, up by 0.51 per cent, after opening at Rs 3704, against a previous close of Rs 3698. It touched the intra-day high of Rs 3722.
