Thursday, 8 October 2015

REFILE-Oil rebounds, shrugging off U.S. stockpile build

Crude oil futures rose in early Asian trade on Thursday, shrugging off a surprise build in U.S. inventories as some Chinese traders returned following a weeklong National Day holiday period.

U.S. crude stocks rose by 3.1 million barrels to 461 million last week as refineries reduced production and idled capacity. Analysts had expected an increase of 2.2 million barrels.

Both major oil benchmarks rose more than 1 percent on Thursday although trading was thin in the early part of the Asian session. With China open for business trading is likely to more volatile in commodities, ANZ said in a morning note.

U.S. crude was up 50 cents, or 1.05 percent, at $48.31 at 0039 GMT. The contract fell 1.5 percent on Wednesday after three days of gains.

Brent crude, the global oil benchmark, was up 53 cents, or 1.03 percent, at $51.86 a barrel, after falling 1.1 percent on Wednesday.

With little data out this week, apart from industry and government inventory numbers, and China on holiday for the first three days, the market has focussed on longer-term demand trends that have supported prices.

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  1. The market has opened flat. The Sensex is up 23.53 points at 27059.38 and the Nifty is down 6.95 points at 8170.45. About 431 shares have advanced, 142 shares declined, and 34 shares are unchanged. Vedanta, Cipla, ONGC, M&M and Lupin.

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  2. Epic Research recommends Crude oil trading range for the day is 2840-3118. We have a big team for market recommendation they gives best trading ideas according to your investment.