Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures extend gains as oil inventories decrease

17-May2018

Crude oil futures extend gains as oil inventories decrease

Crude oil futures extended gains on Wednesday, on the back of second consecutive weekly decline in US crude inventories and continued signs of a pullback in the global glut of oil. The US Energy Information Administration (EIA) in its report said that US crude oil inventories decreased in the week to May 11, and the refining sector increased 149,000 barrels per day. According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1.4 million barrels during the week ending May 11.

Benchmark crude oil futures for June delivery gained 18 cents or 0.30 percent to settle at $71.49 a barrel on the New York Mercantile Exchange. July Brent crude surged 85 cents or 1.10 percent to settle at $79.28 a barrel on London's Intercontinental Exchange.



Related News

View all news

Crude oil futures end higher on Friday

Crude oil futures settled higher on Friday after briefly paring gains, as prices bounced around ahead of meeting of major oil producers in Algiers over the weekend. A report suggesting that major producers......

Crude oil futures trade tad higher on MCX

Crude oil futures traded marginally higher on MCX as participants enlarged their holdings even as it weakened overseas after US President Donald Trump called on the Organization of the Petroleum Exporting......

Crude oil futures end lower on Thursday

After hitting two-month high in previous session, crude oil futures failed to hold momentum and drifted down to end lower on Thursday after President Donald Trump in a tweet called for the Organization......

Top News

View all news

Tijaria Polypipes bags order worth Rs 35.30 crore

Tijaria Polypipes has received a single order of Rs 35.30 crore for supply of HDPE & PLB Ducts from Tata Projects. The same has to be executed within a period of 3 months. The company takes great......

RIL's telecom arm enters into 5 year partnership with Star India

Reliance Industries' (RIL) telecom arm -- Reliance Jio Infocomm (Jio) -- has entered into 5 year partnership with India's leading broadcaster, Star India to unleash a new era in sports entertainment. Jio......

Sun Pharma receives Australian TGA approval for ILUMYA

Sun Pharmaceutical Industries has received the Australian Therapeutic Goods Administration (TGA) approval for its specialty product, ILUMYA (tildrakizumab) for the treatment of adults with moderate-to-severe......