The fundamental reason for low oil prices remained unchanged, with producers around the world pumping over 1 million barrels of crude every day beyond demand, leaving storage tanks brimming.
U.S. crude inventories rose by 4 million barrels in the last week, compared with analyst expectations for an increase of 2.8 million barrels, according to the U.S. Energy Information Administration (EIA).
"At 486.5 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," the EIA said.
Now we can say that "U.S. crude prices stabilize after jumping from 2003 lows."
Get Commodity Market Tips, MCX Market Tips At
Zoid Research
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Office 101, Shagun Tower
A.B. Commercial Road, Indore
Also get Free Trading Tips
The MCX Crude Oil February future prices in India have strengthened gains for the third straight day, all thanks to sharp surge in NYMEX Crude Oil prices.
ReplyDeleteequity intraday tips
• SRF setting-up of a facility to produce agrochemical at SRF's Chemical Complex in Dahej, Gujarat at an estimated cost of Rs. 180 Crores
ReplyDelete• Adani Enterprises-Company to delay decision on Australis mine
CapitalStars