Commodity,MCX Market Trends-Oil prices edge higher after US stockpile fall

Oil futures rose in early Asian trading on Thursday, adding to gains from the previous session after official figures showed US crude inventories fell more than expected.

Brent crude, the global benchmark, was up 8 cents, or 0.15 per cent, at $52.78 at 0015 GMT. It closed 1.1 per cent higher on Wednesday, snapping two days of declines.

oil-prices-edge-higher-after-us-stockpile-fall

US West Texas Intermediate (WTI) crude was up 8 cents, or 0.2 per cent, at $49.64, after rising 0.8 per cent in the previous session

US crude stockpiles fell last week as refineries boosted output to the highest per centage of capacity in 12 years, the Energy Information Administration said on Wednesday.

US crude inventories fell 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the US Department of Energy started keeping data in 1982.

But a surprise increase in gasoline stocks is capping gains in oil prices and tempering attempts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers to boost prices that are about half of levels three years ago.

They are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018.

The deal has supported prices but a recovery in output in Libya and Nigeria, OPEC members exempt from the cut, has also complicated the initiative.

To Get Free Trial on Commodity Market Tips, Mcx Trading Tips give

Missed call @8817002233, WHATSAPP NO.8602780449

Mail Us = starindiamarket@gmail.com

visit = https://www.starindiaresearch.com/mcx-tips.php

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