Today Crude Oil Retreats Despite Supply Disruption Threat.
Crude oil futures fell during morning trade in the domestic market on Friday as traders weighed the impact of raging wildfires near Canada’s huge oil sand fields, along with fighting in Libya which may curtail production and help ease a market flooded with oversupplies. At the same time, rising inventories in the US kept pressure on the energy commodity as the EIA reported that US crude stockpiles climbed by 2.8 million barrels to 543.4 million barrels in the week ended April 29, 2016. At the MCX, crude oil futures for May 2016 contract were trading at Rs. 2,930 per barrel, down by 0.64 per cent, after opening at Rs. 2,930 against the previous closing price of Rs. 2,949. It touched the intra-day low of Rs. 2,915 till the trading.
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