Crude Oil Updates - Crude oil prices fell by 0.64 per cent on Thursday after the Energy Information Administration said that US crude inventories rose by 8.4 million barrels last week, higher than analyst expectations for a rise of 3.3 million barrels indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. That brought crude inventories to the highest level since the EIA began tracking the data.
At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,188 per barrel, down by 0.64 per cent, after opening at Rs. 2,190 against the previous closing price of Rs. 2,202. It touched the intra-day low of Rs. 2,181 till the trading.
Prices also fell after Russia held out the possibility of cooperating with OPEC to control global oversupply. Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday.
However, losses were curbed by a weaker dollar following the Federal Reserve's decision to keep its overnight interest rate unchanged and the release of a statement suggesting it was re-evaluating the pace of future hikes.
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