International Oil futures are trading below the $40 a barrel in the early Asia trades today, hitting a low of $ 39.19 earlier in the session. MCX Oil also pummeled nearly Rs 80 with additional pressure coming from stinger Rupee. Yesterday oil faced heavy bout of selling pressure after the OPEC announced output cut and the fall was also accompanied by the lower US equities and a big increase in the weekly inventories data. Crude for January delivery fell by whopping 8% to below $ 40 a barrel.
U.S. crude oil supplies rose 500,000 barrels to 321.3 million barrels in the week to Dec. 12, up 26.5 million from year ago, the Energy Information Administration said. Distillate supplies, including heating oil and diesel fuel, rose 2.9 million barrels, with heating oil supplies up 600,000 barrels. Gasoline supplies rose 1.3 million barrels. Supplies rose despite refinery utilization dropping 3.3 percent. U.S. fuel demand in November dropped 7.4 percent from a year earlier to the lowest for the month since 1998; the industry- funded American Petroleum Institute said in a report today.
MCX Crude January futures are trading down Rs 76 at Rs 2138 per barrel. The supports are at 2090 levels. The Indian rupee climbed towards a fresh one-month high on Thursday, following the dollar's weakness against some Asian currencies and a firmer stock market. The partially convertible rupee was at 47.29 per dollar, stronger than Wednesday's close of 47.45. NYMEX Oil slipped 10 cents trading at $ 39.96 per barrel. The counter may face a stiff resistance near 41 levels today and a good support at $39 levels.
U.S. crude oil supplies rose 500,000 barrels to 321.3 million barrels in the week to Dec. 12, up 26.5 million from year ago, the Energy Information Administration said. Distillate supplies, including heating oil and diesel fuel, rose 2.9 million barrels, with heating oil supplies up 600,000 barrels. Gasoline supplies rose 1.3 million barrels. Supplies rose despite refinery utilization dropping 3.3 percent. U.S. fuel demand in November dropped 7.4 percent from a year earlier to the lowest for the month since 1998; the industry- funded American Petroleum Institute said in a report today.
MCX Crude January futures are trading down Rs 76 at Rs 2138 per barrel. The supports are at 2090 levels. The Indian rupee climbed towards a fresh one-month high on Thursday, following the dollar's weakness against some Asian currencies and a firmer stock market. The partially convertible rupee was at 47.29 per dollar, stronger than Wednesday's close of 47.45. NYMEX Oil slipped 10 cents trading at $ 39.96 per barrel. The counter may face a stiff resistance near 41 levels today and a good support at $39 levels.
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