Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures end higher as EIA cuts crude output forecast


Crude oil futures end higher as EIA cuts crude output forecast

Crude oil futures ended higher on Tuesday as the US government cut its forecasts for domestic production and concerns continued to grow over the potential for tighter global supplies ahead of renewed sanctions on Iran. It is expecting that the Energy Information Administration (EIA) to report a fall of 2.7 million barrels in crude supplies for the week ended September 7. Meanwhile, in a monthly report, the EIA said that Iranian crude production was down 200,000 barrels a day in August compared with July. Beside, some support also came in as a major hurricane approaching the US East Coast boosted demand for fuel and threatened the flow of gasoline through a key pipeline.

Benchmark crude oil futures for October surged $1.71 or 2.5 percent to settle at $69.25 a barrel on the New York Mercantile Exchange. November Brent crude rose 1.69 or 2.2% to settle at $79.06 a barrel on London's Intercontinental Exchanged.

Related News

View all news

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as steep declines in the US stock market fed an aversion to so-called riskier assets, which include oil. Meanwhile, the US-China trade dispute escalated as China......

Crude oil futures end marginally lower as trade-war worries limit upside

Crude oil futures ended marginally lower on Friday as escalation in the trade war has put a return in global growth worries, which would translate to softer crude demand. The Trump administration early......

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday as hopes for a US-China trade deal faded. Meanwhile, crude-oil production by OPEC edged up by 30,000 barrels a day in April to 30.26 million barrels a day. However,......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......