Wednesday, 27 September 2017

Crude oil dips on likely rise in crude inventory : 27 Sept

Crude Oil Inventories time 8:00 PM / 27 Sept 2017



Crude oil futures closed lower in the domestic market on Tuesday on expectations U.S. data will show a fourth consecutive weekly rise in domestic crude inventories.

Analysts surveyed expect the EIA to report a fourth-straight weekly rise—of 1.3 million barrels for crude inventories, while gasoline stockpiles are seen down by 100,000 barrels and distillates down 2.1 million barrels.

An increase in crude supplies would follow three-consecutive weekly increases reported by the EIA, as Hurricane Harvey disrupted U.S. refinery operations, reducing demand for crude oil.

At the MCX, crude oil futures for October 2017 contract closed at Rs 3396 per barrel, down by 0.29 percent, after opening at Rs 3424, against a previous close of Rs 3406. It touched the intra-day low of Rs 3373.

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