Business Standard

Crude up in Asia on US stockpile fall

The API data yesterday showed US inventories falling by more than 1.9 million barrels last week

Related News

Oil prices rose in Asian trade today on an unexpected fall in US crude stockpiles, analysts said.

New York's main contract, light sweet crude for delivery in January rose 52 cents to $87.27 a barrel and Brent North Sea crude for January delivery added 62 cents to $110.45.

The black gold received support from "the American Petroleum Institute (API) report showing a stock drawdown", said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"What's driving it is primarily the report from the API showing a inventory draw," he told AFP.

The API data yesterday showed US inventories falling by more than 1.9 million barrels last week, compared with analyst projections of a 900,000 barrel gain.

This indicates a pickup in energy demand in the world's largest economy and oil consumer.

Read more on:   
|
|

Read More

Curbs on illegal mining squeeze iron ore production to half

The government’s bid to curb illegal mining has resulted in a steep fall in iron ore production. From 208 million tonnes in 2010-11, production is ...

Advertisements

Quick Links

 

Market News

Maruti Suzuki India, Axis Bank joins Rs 1-lakh-cr market-cap club

Axis Bank hits a record high of Rs 440, while Maruti Suzuki touched a new high of Rs 3,349 in intra-day deals on BSE.

Marksans Pharma surges on strong Q2 results

The stock rallied 6% to Rs 64 on NSE after reporting 56% yoy growth in net profit at Rs 31 crore in September quarter.

Markets continue winning streak; Sensex up 400 points

The 30-share Sensex is up 412 points at 27,758 and the 50-share Nifty has gained 119 points to trade at 8,288.

Copper down 0.2% on weak global cues

Metal for delivery in November shed 0.14%

Silver down 0.6% on weak global trend

Weak trend trend overseas, eroding demand for the precious metals, pulled down silver prices

Back to Top