Crude oil rises on falling US inventories, Saudi cuts to Asia

Crude oil rises on falling US inventories, Saudi cuts to Asia

11/05/2017 13:56

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 on larger than expected fall in US crude inventories and cut in Saudi supplies to Asia.

According to industry group, the American Petroleum Institute (API) data, the US crude inventories fall larger than expected last week, down 5.8 million barrels against analysts’ expectations for a 1.8 million barrels decline.

Besides, OPEC meets on May 25 to decide on production policy for the second half of 2017, and most analysts expect the group to extend cuts until at least the end of the year.

At the MCX, crude oil futures for May 2017 contract is trading at Rs 3094 per barrel, down by 0.36 per cent, after opening at Rs 3097, against a previous close of Rs 3083. It touched the intra-day high of Rs 3100 (at 13:49 hours).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s