MCX Crude oil futures are trading mildly lower today, extending the recent correction as global prices lingered around $88 per barrel levels and equities around the world stayed under pressure on economic worries and profit selling after recent upside moves. A surge in US gasoline inventories and a persistent pressure on the US dollar to appreciate also made their presence felt to keep the commodity under check.
WTI Crude oil dropped by around 1% in floor trades in New York, extending a drop after failing to hold on above $89 per barrel. The weekly US EIA data showed a massive rise in gasoline stockpiles in the United States last week. An increase in production by US refiners helped boost gasoline inventories by the biggest weekly margin since September 2001, the EIA said, with stocks rising by 7.9 million barrels.
WTI Crude oil dropped by around 1% in floor trades in New York, extending a drop after failing to hold on above $89 per barrel. The weekly US EIA data showed a massive rise in gasoline stockpiles in the United States last week. An increase in production by US refiners helped boost gasoline inventories by the biggest weekly margin since September 2001, the EIA said, with stocks rising by 7.9 million barrels.
US stocks witnessed a late surge yesterday after media reports stated that a group of Republicans had signed a letter urging the exploration of “all options” on taxes and entitlement programs. However, untill a confirmation is delivered by the officials, these talks are unlikely to help lift the sentiments much.
MCX Crude oil futures dropped nearly Rs 40 on the day in last session and also tested lows under Rs 4800 per barrel today as trading remained dominated by short sellers. The counter quotes at Rs 4794, down Rs 23 per barrel on the day with 5.44% increase in the open interest.
MCX Crude oil futures dropped nearly Rs 40 on the day in last session and also tested lows under Rs 4800 per barrel today as trading remained dominated by short sellers. The counter quotes at Rs 4794, down Rs 23 per barrel on the day with 5.44% increase in the open interest.
