MCX COMMODITY OPTIONS TIPS : Oil slips as White House proposes US oil reserve sales 23/05/2017

Oil slips as White House proposes US oil reserve sales 23/05/2017

Oil slips as White House proposes US oil reserve sales
23/05/2017

Crude oil futures were trading lower during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the energy commodity after reports that the US President Trump proposed the sale of half the country's strategic oil reserves, despite efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to slash output to tighten supply in the market. OPEC and its allies will meet in Vienna on Thursday to discuss output cut extension until March 2018.
According to the documents released on Monday showed that, the White House budget plan would sell off half of the nation's emergency oil stockpile from 2018 to 2027 to raise USD 16.5 billion from October 2018. It also suggested opening up more production in Alaska.
At the MCX, crude oil futures for June 2017 contract is trading at Rs 3301 per barrel, down by 0.27 per cent, after opening at Rs 3303, against a previous close of Rs 3310. It touched the intra-day low of Rs 3286 (at 13:44 hours).

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