Crude oil futures in reverse gear on US crude stock build

Crude oil futures in reverse gear on US crude stock build

17/11/2016 13:05

Crude oil futures were trading lower during the afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity after official inventory reports showed that a more-than-expected build in US oil stocks.

Crude inventories in US grew by 5.3 million barrels in the week to November 11, as compared with expectations for a rise of 1.5 million barrels.

As per the data released by the US Energy Information Administration (EIA) on Wednesday, the inventories rose mainly on account of higher imports that averaged 910,000 bpd.

At the MCX, crude oil futures for November 2016 contract is trading at Rs 3,084 per barrel, down by 1.22 per cent, after opening at Rs 3,095, against a previous close of Rs 3122. It touched the intra-day low of Rs 3,081 (at 12:55 hours).

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