Wednesday, 27 January 2016
Daily Mcx Market Update On Crude oil
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Crude oil prices rose by 1.05 per cent on Wednesday on hopes for major producers to begin to trim output and even as US industry estimates showed a massive build in US crude stockpiles last week. The American Petroleum Institute's weekly crude stockpile report released showed an 11.4 million barrels build, well above the 3.5 million barrels seen. Separately, Wednesday's report from the US Department of Energy could show that domestic crude inventories rose by 3.5 million barrels for the week ending on January 22.
At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,122 per barrel, up by 1.05 per cent, after opening at Rs. 2,080 against the previous closing price of Rs. 2,100. It touched the intra-day high of Rs. 2,135 till the trading. Crude prices rallied after Nawal al-Farzaia, Kuwait's OPEC governor, made bullish comments on the possibility that the cartel could reduce supply levels in an effort to stem record-low price declines.