New Document top_band
 
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

Read more on:    Mcx | Crude Oil | New York Mercantile Exchange
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 ...

Quick Links

 

Market News

Today's picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel

Markets fall to 1-week closing low

The BSE Sensex and Nifty fell on Monday to their lowest close in a week, as profit-taking hit shares of blue-chips such as ICICI Bank for a ...

Centre reduces insurance premium on cotton crop to 6%

The new premium is applicable to all cotton-growing farmers across the country with immediate effect

Moody's to upgrade ratings of Tata Steel, British arm

Review upgrade has been triggered by issuance of $1.5 bn worth bonds by ABJA Investment, guaranteed by Tata Steel

Sebi confirms curbs on Khoday India

The watchdog had imposed curbs on the company for not achieving the minimum 25% public holding within the June 3 deadline

Back to Top