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 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,......