Crude oil futures in reverse gear
05/01/2017 13:52
Crude oil futures fell during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity on doubts that OPEC and non-OPEC countries would fully deliver on promises to trim crude production.
However, record US automobile sales and falling crude stocks, restricted further decline in crude prices at futures trade.
The US car and truck sales were up by 3.1 per cent in December on the year, and hit a record 17.55 million overall in 2016.
Further, an American Petroleum Institute (API) report showed that the US crude inventories fell 7.4 million barrels in the week ended December 30 to stand at 482.7 million, outstripping analyst expectations for a decrease of 2.2 million.
At the MCX, crude oil futures for January 2017 contract is trading at Rs 3616 per barrel, down by 0.14 per cent, after opening at Rs 3616, against a previous close of Rs 3621. It touched the intra-day low of Rs 3607 (at 13:35 hours).
05/01/2017 13:52
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However, record US automobile sales and falling crude stocks, restricted further decline in crude prices at futures trade.
The US car and truck sales were up by 3.1 per cent in December on the year, and hit a record 17.55 million overall in 2016.
Further, an American Petroleum Institute (API) report showed that the US crude inventories fell 7.4 million barrels in the week ended December 30 to stand at 482.7 million, outstripping analyst expectations for a decrease of 2.2 million.
At the MCX, crude oil futures for January 2017 contract is trading at Rs 3616 per barrel, down by 0.14 per cent, after opening at Rs 3616, against a previous close of Rs 3621. It touched the intra-day low of Rs 3607 (at 13:35 hours).
