Crude Oil Drops Ahead Of US Supply Data.
Crude oil prices fell by 0.34 per cent on Tuesday as market players looked ahead to fresh weekly information on US stockpiles of crude and refined products. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 0.5 million barrels in the week ended May 6. At the MCX, crude oil futures for May 2016 contract were trading at Rs. 2,901 per barrel, down by 0.34 per cent, after opening at Rs. 2,920 against the previous closing price of Rs. 2,911. It touched the intra-day low of Rs. 2,894 till the trading.
Meanwhile, energy traders reassessed the impact of severe wildfires throughout Western Canada. Fire officials said cooler temperatures has slowed the spread of the wildfires since Sunday, easing fears over a disruption to supplies from the country’s vast oil sands reserves.
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