Today Crude Oil Gains 0.23 pct On Decreasing Stockpiles

Crude oil prices rose by 0.23 per cent on Thursday after an unexpected draw in crude stockpiles last week pushed oil prices back near 2016 yearly-highs. US Energy Department’s Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that US commercial crude oil inventories decreased by 3.4 million barrels for the week ending on May 6 from the previous week. At 540.0 million barrels, US crude oil inventories are at historically high levels for this time of year. At the MCX, crude oil futures for May 2016 contract were trading at Rs. 3,087 per barrel, up by 0.23 per cent, after opening at Rs. 3,071 against the previous closing price of Rs. 3,080. It touched the intra-day high of Rs. 3,088 till the trading .

However, gains were limited by the gradual return of Canadian Oil Sands output following disruptions to over 1 million barrels of daily production capacity due to wildfire.

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