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 Tuesday

Crude oil futures ended lower on Tuesday with benchmark finishing at its lowest in over a year, as investor attention remained fixed on supply ahead of a key meeting of major oil producers early next month.......

Crude oil futures end slightly higher as EU backs French sanctions on Iran

Crude oil futures ended slightly higher on Monday getting some support from report that the European Union (EU) backs a decision by the French government to sanction Iran nationals linked to a bomb plot......

Crude oil futures end flat on Friday

Halting two-day winning streak, crude oil futures ended flat on Friday as traders remained cautious on worries about excess supply globally and weak demand outlook due to trade disputes. Though, oil prices......

Top News

View all news

Jumbo Finance gets shareholders' nod to increase borrowing limits up to Rs 30 crore

Jumbo Finance has received an approval to increase Borrowing Limits of the company up-to Rs 30 crore. The shareholders of the company at their meeting held on November 19, 2018, approved the same.Jumbo......

Alembic Pharma gets USFDA's nod for Vardenafil Hydrochloride Orally Disintegrating Tablets

Alembic Pharmaceuticals has received an approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Vardenafil Hydrochloride Orally Disintegrating Tablets,......

SRF expects total Rs 28 crore quantum of damage due to Cyclone GAJA

SRF is expecting a total Rs 28 crore quantum of damage caused, based on the initial assessment. The disruption of operations was due to Cyclone GAJA at the plant of Technical Textiles Business (Viralimalai)......