Crude oil slips on rising US supplies, mixed Saudi signals

Crude oil slips on rising US supplies, mixed Saudi signals

19/04/2017 13:13

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators cut down their bets in the energy commodity on ballooning US supplies and slide in Saudi crude exports that was offset by surging production in the country.

According to the American Petroleum Institute (API) data on Tuesday showed that US markets remained bloated. However, official US oil data is expected to be published later in the day by the Energy Information Administration (EIA).

Besides, mixed signals from Saudi Arabia too weighed on crude oil prices, as the country’s crude exports fell to 6.96 million bpd in February, against 7.7 million bpd in January, whereas its production rose to 10 million bpd in February, up from 9.75 million bpd the previous month, according to the Joint Organisations Data Initiative (Jodi). At the MCX, crude oil futures for April 2017 contract is trading at Rs 3380 per barrel, down by 0.56 per cent, after opening at Rs 3383, against a previous close of Rs 3399. It touched the intra-day low of Rs 3372 (at 12:52 hours).

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