Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures settle higher for fifth successive session


Crude oil futures settle higher for fifth successive session

Extending gains for fifth successive session, crude oil futures ended significantly higher on Friday on stronger than expected US jobs data and renewed trade talks set for next week between the US and China. Sentiments remained upbeat on hopes that output reductions by major oil producers like Saudi Arabia and Russia would help ease concerns about excess supply in the market. Besides, the Energy Information Administration's data showed that crude inventories in the US rose by 7,000 barrels in the week to December 28, beating expectations for a drop of more than 3 million barrels. Distillate stockpiles were up by 9.5 million barrels last week, the biggest weekly jump in two years. Gasoline stocks rose by 6.9 million barrels, more than thrice the expected increase.

Benchmark crude oil futures for February surged 87 cents or 1.9 percent to settle $47.96 a barrel on the New York Mercantile Exchange. March Brent crude gained $1.11 or 2 percent to settle at $57.06 a barrel on London's Intercontinental Exchange.

Related News

View all news

Crude oil futures end lower on Friday

Crude oil futures ended lower on Friday on concerns about global energy demand. However, US prices managed to tally a gain for the week, their third in a row, as OPEC output cuts and US sanctions on Venezuela......

Crude oil futures plunge on weak trend overseas

Crude oil futures plunged on MCX as speculators trimmed their position after tracking weak trend overseas amid concerns over a slowing global economy and uncertainty regarding Brexit negotiations in the......

Crude oil futures end lower on Thursday

Crude oil futures ended lower on Thursday, with the US benchmark settling below the key $60 mark, as global crude prices suffered their first loss in four sessions. Prices for both benchmarks had climbed......

Top News

View all news

Infosys to enter into agreement with The House Fund II

Infosys is going to enter into an agreement with The House Fund II, L.P., an AI-focused fund targeting startups from the University of California - Berkeley, committing to invest $10.0 million.......

EID Parry receives approval for investment Rs 70 crore in PSRIPL

EID Parry (INDIA) has received approval for investment upto Rs 70 crore in the equity share capital of Parry Sugars Refinery India (PSRIPL), a wholly owned subsidiary of the Company. The Board of directors......

SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds

State Bank of India (SBI) has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds. The Committee of Directors for Capital Raising at its meeting held on 22 March 2019 deliberated and accorded......