Crude oil prices fell by 0.88 per cent on Thursday after the US crude oil inventories rose unexpectedly last month indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 4.801M, from -3.568M in the preceding month. Analysts had expected US Crude Oil Inventories to fall -1.417M last month.
At the MCX, crude oil futures for December 2015 contract were trading at Rs. 2,364 per barrel, down by 0.88 per cent, after opening at Rs. 2,369 against the previous closing price of Rs. 2,385. It touched the intra-day low of Rs. 2,360 till the trading. Prices also fell after the Industrial production in the US fell for the fourth straight month in November, dampening optimism over the health of the economy. The Federal Reserve said that industrial production decreased by a seasonally adjusted 0.6 per cent last month, disappointing expectations for a decline of 0.1 per cent.
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