Oil tad higher as US inventories fall

Oil tad higher as US inventories fall

20/07/2016 11:01

Crude oil futures were trading on a flat note, with a positive bias, on Wednesday as traders weighed a drop in US crude supplies against worries that heightened uncertainty surrounding the global economy may curb fuel demand.

The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 2.3 million barrels for the week ended July 15, 2016.

The Energy Information Administration (EIA) will release separate US inventory data on Wednesday.

Meanwhile, against the backdrop of UK’s decision to leave the European Union, the IMF cut its forecast for growth in the world economy this year to 3.1 per cent from 3.2 per cent earlier.

At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,081 per barrel, up by 0.03 per cent, after opening at Rs 3,085, against a previous close of Rs 3,080. It touched the intra-day high of Rs 3,087. (At 10:54 AM).

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