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Wednesday 21 December 2016

Crude oil prices surge on hopes of US crude inventory draw: 21 Dec 2016

Crude oil futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the energy commodity on hopes of US crude inventory draw.

Besides, muted trading activity seen from investors as markets start to wind down ahead of the Christmas weekend followed by the New Year celebrations next week.

The prices of crude oil surged mainly on account of an expected reduction in the US crude oil inventories, which will be reported later in the day.

At the MCX, crude oil futures for January 2017 contract is trading at Rs 3653 per barrel, up by 0.33 per cent, after opening at Rs 3643, against a previous close of Rs 3641.


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