Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures extend decline on more modest build in US oil stockpiles

16-Nov2017

Crude oil futures extend decline on more modest build in US oil stockpiles

Crude oil futures continued their weakness and slid to their fresh two week low on Wednesday, after government data showed a more modest build in U.S. oil stockpiles and as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month. There were reports that the Russian government has yet to reach a consensus with the nation's oil companies on extending the deal. Meanwhile, the Energy Information Administration (EIA) said domestic inventories rose by about 1 million barrels. Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels.

Benchmark crude oil futures for December delivery ended lower by $0.37 or 0.7 percent at $ 55.33 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.34 to $61.87 a barrel on the ICE.


Related News

View all news

Crude oil futures end lower on Tuesday

Crude oil prices edged lower on Tuesday, as traders waited to see if relations between the U.S. and Saudi Arabia sour further following the disappearance of a journalist in Turkey. Worsening tensions between......

Crude oil futures trade higher on firm trend overseas

Crude oil futures traded higher on MCX as speculators enlarged their positions following firm trend overseas amid supply concerns stemming from the growing tension between the US and Saudi Arabia, but......

Crude oil futures end higher on Monday

Crude oil futures ended higher for second straight session on Monday amid speculation about a likely drop in demand due to the impact of the US-China trade dispute on global economic growth. President......

Top News

View all news

Hero MotoCorp achieves best ever sales performance in Q2 FY19

Hero MotoCorp has achieved its best-ever sales performance for the second quarter of any financial year, selling 21,34,051 units of two-wheelers in Q2 FY19.For the period April-September 2018, Hero MotoCorp......

Mahindra CIE Automotive reports 74% rise in Q3 net profit

Mahindra CIE Automotive has reported results for third quarter ended September 30, 2018.The company has reported 73.80% rise in its net profit at Rs 42.58 crore for the quarter under review as compared......

Infosys crosses $2 billion large deal signings in Q2 FY19

Infosys has crossed $2 billion large deal signings in Q2 FY19. Besides, the company's digital revenues stood at $905 million in Q2 FY19 (31.0% of total revenues), year-on-year growth of 33.5% and sequential......