Crude oil prices tumbled more than 1 per cent in the domestic market on Wednesday as the energy commodity dived deeper into the bear terrain as an unexpected rise in US crude oil stockpiles last week exacerbated fears over a global supply glut.US crude oil inventories climbed by 2.5 million barrels to 463.9 million barrels in the week ended July 17, 2015, the highest level for this time of the year in at least 80 years, the EIA said. Markets were betting on a 2.3 million barrels drop in US crude oil stockpiles.Supplies at Cushing, the biggest US oil storage hub, rose by 813,000 barrels last week, following a gain of 438,000 barrels in the previous week.Investors cast aside robust US housing data which showed that purchases of previously owned homes hit an eight-year high last month, signaling a pickup in the world’s largest economy, lifting the demand outlook for oil. Sales of US existing homes climbed 3.2 per cent to a 5.49 million annual pace in June 2015, the highest since February 2007.Oil may rebound today as the steep losses in the fuel over the past several sessions offer traders a good bargain buying opportunity in the energy commodity, at existing levelsAt the MCX, Crude oil futures, for the August 2015 contract, closed at Rs 3,197 per barrel, down by 1.17 per cent, after cracking at Rs 3,230, against the previous down price of Rs 3,235. It touched an intraday low of Rs 3,183.
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