Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures end higher on Wednesday

14-Feb2019

Crude oil futures end higher on Wednesday

Crude oil futures settled higher on Wednesday buoyed by reports of further reductions to global output and optimism around constructive US-China trade negotiations. De facto leader of the Organization of the Petroleum Exporting Countries, Saudi Arabia, pledged to cut output further in the coming months. The country would cut an additional 500,000 barrels a day to take production to 9.8 million barrels a day in March. The gains for crude came despite data from the Energy Information Administration (EIA) that revealed domestic crude supplies rose by 3.6 million barrels for the week ended February 8. That marked a fourth-straight week rise, and was larger than the 2.7 million-barrel rise expected by S&P Global Platts. The American Petroleum Institute data on Tuesday showed a decline of 998,000 barrels.

Benchmark crude oil futures for March gained 80 cents or 1.5 percent to settle $53.90 a barrel on the New York Mercantile Exchange. April Brent crude rose 1.19 cents or 1.9 percent to settle at $63.61 a barrel on London's Intercontinental Exchange.


Related News

View all news

Crude oil futures trade higher on firm global trend

Crude oil futures traded higher on MCX as speculators enlarged positions tracking firm trend overseas as the United States was set to announce that all imports of Iranian oil must end or be subject to......

Crude oil futures end higher on Thursday

Crude oil futures ended higher on Thursday with marginal gains for the truncated week, as traders weighing near term crude supply and demand prospects. Oil prices took some support with tighter supply......

Crude oil futures trade tad lower on MCX

Crude oil futures traded marginally lower on MCX, as speculators reduced their bets despite firm trend in overseas markets after the Energy Information Administration (EIA) reported the first drawdown......

Top News

View all news

Bank of Baroda's board to consider issuance of equity shares of Rs 5,042 crore to Govt

Bank of Baroda's board is going to consider issuance of equity shares of Rs 5,042 crore to Government of India on a Preferential Basis. The meeting of the Board of Directors of the Bank is scheduled to......

Gujarat Petrosynthese to invest surplus funds in mutual funds, bonds, securities, shares

Gujarat Petrosynthese has received an approval to invest surplus funds in mutual funds, bonds, securities, shares, inter corporate deposits etc. to optimize its returns. The Board of Directors of the Company......

Reliance's Retail Unit delivers record-breaking performance in revenue, profits during FY19

Reliance Industries' Retail Unit--Reliance Retail has delivered a record-breaking performance in revenue and profits growth for the year 2018-19. Segment Revenue for FY19 grew by 88.7% Y-o-Y to Rs 130,566......