Commodity Tips: Crude oil prices fell by 0.42 per cent on Thursday as US industry estimates of stocks showed a surprise build. The American Petroleum Institute's weekly crude inventory Q4 showed an unexpected build of 2.35 million barrels in crude oil, well off the 3.1 million barrels decline seen. Distillates stocks dropped 1.15 million barrels, more than the 400,000 barrels fall seen and gasoline stock declined 1.48 million barrels, slightly more than expected.At the MCX, crude oil futures for June 2016 contract were trading at Rs. 3,294 per barrel, down by 0.42 per cent, after opening at Rs. 3,307 against the previous closing price of Rs. 3,308. It touched the intra-day low of Rs. 3,290 till the trading.
Sentiment weakened further after Russian energy officials abandoned plans to take part in a comprehensive OPEC-Non-OPEC production freeze that has been in the works since the middle of February.
More closely-watched data from the US Department of Energy is due on Thursday, 1 day later than normal this week due to the Memorial Day holiday.
