Crude oil rises by 0.26% on falling inventories

Posted By: Religare
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    Crude oil rises by 0.26% on falling inventories
    Crude oil prices rose by 0.26 per cent on Thursday at the domestic markets after the Energy Information Administration said that U.S. Crude Oil Inventories fell to a seasonally adjusted annual rate of -7.525M, from -2.370M in the preceding month indicating that the demand for the commodity in US, world's largest consumer of crude oil is strong.

    At the MCX, crude oil futures for July 2014 contract were trading at Rs. 6,104 per barrel, up by 0.26 per cent, after opening at Rs. 6,095 against the previous closing price of Rs. 6,088. It touched the intra-day high of Rs. 6,111 till the trading. 

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