Thursday, October 13, 2016

Today Crude Oil down on US supply rise

During late morning trade Crude oil futures fell in the domestic market on Thursday as investors & speculators exit positions in the energy commodity after US crude storage levels rose significantly last week, inflaming fears of a global supply glut.

The industry-funded American Petroleum Institute (API) said on Wednesday that US crude oil supplies climbed by 2.7 million barrels in the week ended October 7, 2016. Analysts were expecting crude oil inventories in the US to rise by 250,000 barrels last week. The EIA will release separate US crude inventory data on Thursday.

Doubts are emerging over the OPEC’s plan to slash output by 200,000 to 700,000 barrels a day reached late September as Russia remains non-committal over a production cut.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3331 per barrel, downward by 0.60 %, after opening at Rs 3331, against a last close of Rs 3386. It touched the intra-day low of Rs 3322. 

Read More- Crude Oil Updates