Wednesday, 31 August 2016

Oil falls after US stockpile build

Crude oil futures fell during morning trade in the domestic market on Wednesday as investors and speculators exit positions in the energy commodity after a bigger-than-expected rise in US crude oil stockpiles last week exacerbated concerns over a prolonged supply glut. The industry-funded American Petroleum Institute (API) reported that US crude oil supplies rose by 942,000 barrels in the week ended August 26, 2016. 

Analysts were expecting US crude oil inventories to rise by 600,000 barrels last week. The Energy Department will report separate US crude oil stockpiles data later on Wednesday. 

At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,110 per barrel, down by 0.48 per cent, after opening at Rs 3,129, against a previous close of Rs 3,125. It touched the intra-day low of Rs 3,109.

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