Friday, 23 February 2018

Crude oil rises on drop in US crude inventory: 23 Feb


Crude oil futures closed high in the domestic market on Thursday after government data showed an unexpected drop in crude inventories last week.

The Energy Information Administration said crude-oil stocks fell by 1.616 million barrels in the week ended Feb. 16. The drop in inventories comes even as refinery maintenance season gets underway, weighing on demand for crude. A rise in crude exports was also part of the picture, with the EIA apparently including the first export of a supertanker cargo loaded from the Louisiana Offshore Oil Port.

At the MCX, crude oil futures for March 2018 contract closed at Rs 4079 per barrel, up by 2 percent, after opening at Rs 3995, against a previous close of Rs 3999. It touched the intra-day high of Rs 4105.

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