Oil gets a boost from US stockpile draw
03/08/2016 11:23
Crude oil futures rose during late morning trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity after 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 2,659 per barrel, up by 0.72 per cent, after opening at Rs 2,655, against a previous close of Rs 2,640. It touched the intra-day high of Rs 2,668. (At 11:18 AM).
