Crude oil futures fell during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as the biggest US crude oil build in three months renewed worries over a global supply glut.
The industry-funded American Petroleum Institute (API) said that US crude oil stockpiles rose by 2.1 million barrels during the week to August 5, 2016. Markets were expecting a drop of 1 million barrels in US crude oil inventories last week.
The EIA will release separate US inventory data on Wednesday.At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,858 per barrel, down by 0.14 per cent, after opening at Rs 2,860, against a previous close of Rs 2,862. It touched the intra-day low of Rs 2,855. (At 10:56 AM).
Crude oil futures fell during late morning on wednesday. There are several factors which can be reason behind it. Good updates helps in framing a better trading decision. Join epic research to learn more on stock market.
ReplyDelete