Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures settle lower on unexpected jump in US crude supplies

24-May2018

Crude oil futures settle lower on unexpected jump in US crude supplies

Crude oil futures settled lower for second straight day on Wednesday on the back of unexpected jump in weekly US crude supplies. According to data from the Energy Information Administration (EIA), inventories of US crude rose by 5.778 million barrels for the week ended May 18, confounding expectations for a draw of 1.567 million barrels. Besides, traders also remained cautions with report that the OPEC may decide to boost output to make up for a Venezuelan production shortfall and potential lost supply from Iran. However, Brent crude future managed to end with modest gains for second straight session.

Benchmark crude oil futures for July delivery slipped 36 cents or 0.50 percent to settle at $71.84 a barrel on the New York Mercantile Exchange. July Brent crude was up by 23 cents or 0.30 percent to settle at $79.80 a barrel on London's Intercontinental Exchange.


Related News

View all news

Crude oil futures end higher on Tuesday

After falling in previous session, Crude oil futures ended higher on Tuesday in the wake of a short-term disruption in Libyan output. Libya's national oil company has declared force majeure on exports......

Crude oil futures settle lower on Monday

Crude oil futures ended sharply lower on Monday on growing concerns over a slowdown in energy demand, failing to extend last week's rally in prices following the Organisation of the Petroleum Exporting......

Crude oil futures end higher as OPEC decides to cut production

Crude oil futures ended sharply higher on Friday after OPEC and non-OPEC members reached an agreement to cut crude production next year. Oil prices had stayed weak early on in the session amid doubts over......

Top News

View all news

Wipro, Palred Technologies and Zydus Wellness to see some action today

Wipro has launched an Automotive Innovation Center in Detroit, Michigan. This state-of-the-art technology hub will deepen Wipro's relationship with Detroit's automotive community, develop and showcase......

Wipro launches Automotive Innovation Center in Detroit

Wipro has launched an Automotive Innovation Center in Detroit, Michigan. This state-of-the-art technology hub will deepen Wipro's relationship with Detroit's automotive community, develop and showcase......

Zydus Wellness gets CCI's approval for acquisition of Heinz

Zydus Wellness (ZWL) has received approval from the Competition Commission of India (CCI) for the company's acquisition of Heinz India jointly with Cadila Healthcare. The definitive agreement in relation......