Markets

Crude oil futures fall Rs 26 on weak global cues

Crude oil futures fall Rs 26 on weak global cues

An Energy Information Administration report on Wednesday is forecast to show supplies fell by 2.5 million barrels, according to a Bloomberg survey.

Crude oil prices lost ground early Wednesday on a build in USA gasoline supplies, an indication of lower demand, and fears about the global economy. USA output is "likely to have increased further, possibly reaching 9.7 million barrels per day for the time on a weekly data basis", the analysts wrote in a note Wednesday.

Late Tuesday, the American Petroleum Institute, an industry group, released data showing a 9.2 million-barrel rise in gasoline stocks and a 4.3 million-barrel increase in distillate inventories for the week ended December 1, even as crude stocks came down by 5.5 million barrels. The EIA today confirmed a large build of 6.8 million barrels. US refineries produced about 9.8 million barrels of gasoline a day last week, down about 400,000 barrels a day compared to the prior week.

Traders expect data from the API and EIA to show crude stocks fell 3.5 million barrels last week. Both WTI and Brent crude benchmarks continued to fall in after-hours trading yesterday, settling at $57.36 and $62.60 respectively around 9:00pm EST. Brent Crude Oil price at London's IСE Stock Exchange down by 1.90% to $62.52 per barrel.

Russian Federation 2018: Digesting the draw
His organised Iran side and an underestimated Morocco could cause Portugal and Spain problems in this group. There will be eight groups of four, with one team from four separates post being drawn together.

For the past week, crude imports averaged 7.2 million barrels a day, down by 127,000 barrels a day compared with the previous week.

"Yet should the supply outlook fail to worsen, the odds are that oil prices will hover around current levels until next June", Brennock added. The global benchmark traded at a premium of $5.30 to February WTI.

The United States Oil ETF (NYSEARCA: USO) traded down about 1.5%, at $11.37 in a 52-week range of $8.65 to $12.00.


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