Crude oil dips on likely rise in crude inventory
27/09/2017
Crude oil futures closed lower in the domestic market on Tuesday on expectations U.S. data will show a fourth consecutive weekly rise in domestic crude inventories. Analysts surveyed expect the EIA to report a fourth-straight weekly rise—of 1.3 million barrels for crude inventories, while gasoline stockpiles are seen down by 100,000 barrels and distillates down 2.1 million barrels. An increase for crude supplies would follow three-consecutive weekly increases reported by the EIA, as Hurricane Harvey disrupted U.S. refinery operations, reducing demand for crude oil. At the MCX, crude oil futures for October 2017 contract closed at Rs 3396 per barrel, down by 0.29 per cent, after opening at Rs 3424, against a previous close of Rs 3406. It touched the intra-day low of Rs 3373.
27/09/2017
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Crude oil futures closed lower in the domestic market on Tuesday on expectations U.S. data will show a fourth consecutive weekly rise in domestic crude inventories. Analysts surveyed expect the EIA to report a fourth-straight weekly rise—of 1.3 million barrels for crude inventories, while gasoline stockpiles are seen down by 100,000 barrels and distillates down 2.1 million barrels. An increase for crude supplies would follow three-consecutive weekly increases reported by the EIA, as Hurricane Harvey disrupted U.S. refinery operations, reducing demand for crude oil. At the MCX, crude oil futures for October 2017 contract closed at Rs 3396 per barrel, down by 0.29 per cent, after opening at Rs 3424, against a previous close of Rs 3406. It touched the intra-day low of Rs 3373.
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