Breaking News

You are here » Indian-Commodity  :  Commodities  :  Crude Oil  :  Crude oil futures shows some recovery on inventory drop

07-Jul2017

Crude oil futures shows some recovery on inventory drop

Crude oil futures recovered a bit on Thursday, amid a surprisingly large drop in U.S. oil stockpiles. The Energy Information Administration (EIA) said that inventories of U.S. crude fell by roughly 6.3m barrels in the week ended June 30, confounding expectations of draw of about only 2.3m barrels. Gasoline inventories too unexpectedly fell by roughly 3.7m barrels, while distillate stockpiles fell by 1.85m barrels.

Benchmark crude oil futures for August delivery gained $0.39 or 0.7 percent to $45.52 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.16 at $47.95 a barrel on the ICE.


Related News

View all news

Crude oil futures settle lower as US crude supplies post smaller-than-expected decline

Crude oil futures ended marginally lower on Wednesday after US government data showed domestic crude supplies declined for a second week in a row, but by much less than the market expected. The Energy......

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 palm oil futures trade higher on short covering

Crude palm oil futures traded higher on MCX, with the covering of position at lower available prices. However, cheaper imports and steady demand is capping the up-trend.The contract for December delivery......

Top News

View all news

Patels Airtemp receives settlement notice from SEBI

Patels Airtemp (India) has received from SEBI, Summary Settlement Notice vide its Letter dated December 12, 2018 for settlement amount of Rs 3,68,156 against violation of Regulation 7(2)(b) of SEBI (Prohibition......

IndiGo in initial discussion with Qatar, Turkish Airlines for global expansion: Report

In order to increase its global footprint, InterGlobe Aviation (IndiGo) is reportedly in preliminary discussion with Qatar Airways and Turkish Airlines. The Budget carrier is looking for interline and......

Talwalkars Lifestyles integrates with Growfitter

Talwalkars Lifestyles has integrated with Growfitter to introduce the country's first ever AI (Artificial Intelligence) based Incentivized Wellness Program. The Growfitter FITKIT Program is a technologically......