Crude oil prices rose by 1.02 per cent on Thursday after US crude oil inventories rose less-than-expected last month indicating that the demand for the commodity in US is strong. In a report, Energy Information Administration said that US. Crude Oil Inventories rose to a seasonally adjusted annual rate of 0.234M, from -5.085M in the preceding month. Analysts had expected US Crude Oil Inventories to rise 2.504M last month. At the MCX, crude oil futures for January 2016 contract were trading at Rs. 2,072 per barrel, up by 1.02 per cent, after opening at Rs. 2,054 against the previous closing price of Rs. 2,051. It touched the intra-day high of Rs. 2,078 till the trading.
However, gains were curbed after industrial production in the euro zone fell more-than-expected last month signaling weak sentiment in the region. In a report, Eurostat said that Euro zone industrial production fell to a seasonally adjusted -0.7 per cent, from 0.8 per cent in the preceding month whose figure was revised up from 0.6 per cent. Analysts had expected Euro zone industrial production to fall -0.3 per cent last month.
However, gains were curbed after industrial production in the euro zone fell more-than-expected last month signaling weak sentiment in the region. In a report, Eurostat said that Euro zone industrial production fell to a seasonally adjusted -0.7 per cent, from 0.8 per cent in the preceding month whose figure was revised up from 0.6 per cent. Analysts had expected Euro zone industrial production to fall -0.3 per cent last month.
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