Crude oil futures climb after drop in US gasoline stocks

Crude oil futures climb after drop in US gasoline stocks

09/02/2017 13:51

Crude oil futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after an unexpected draw in the US gasoline inventories.

The US Energy Information Administration (EIA) on Wednesday reported that gasoline stocks fell by 869,000 barrels last week to 256.2 million barrels. This surprise rise in the US gasoline inventories had helped push up crude oil prices.

At the MCX, crude oil futures for February 2017 contract is trading at Rs 3542 per barrel, up by 0.80 per cent, after opening at Rs 3523, against a previous close of Rs 3514. It touched the intra-day high of Rs 3545 (at 13:39 hours).

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