FREE COMMODITY CRUDEOIL NEWS 30-12-2016
Crudeoil on MCX settled down -1.11% at 3665 after a surprise increase in U.S. inventories helped stall an upward trend. Crude inventories were up 614,000 barrels in the week to Dec. 23, the EIA data showed, compared with expectations for a decrease of 2.1 million barrel. Despite the unexpected rise in crude stocks, the EIA data published on Thursday showed a significantly smaller rise in crude stocks compared with Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period. Gasoline stocks fell 1.6 million barrels, compared with expectations in a poll for a 1.3 million-barrel rise. Both crude oil benchmarks have made big gains this month since OPEC and other producers agreed to curb production in an attempt to balance an over-supplied fuel market. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 0.172 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 486.1 million barrels as of last week, according to press release, which the EIA considered to be “near the upper limit of the average range for this time of year”. A committee of the Organization of the Petroleum Exporting Countries and non-OPEC producers will meet in Vienna on Jan. 21-22 to discuss compliance with the production agreement, Kuwaiti oil minister Essam Al-Marzouq told state news agency KUNA. Technically market is under long liquidation as market has witnessed drop in open interest by -4.26% to settled at 8493 while prices down - 41 rupee, now Crudeoil is getting support at 3644 and below same could see a test of 3623 level, And resistance is now likely to be seen at 3691, a move above could see prices testing 3717
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Crudeoil on MCX settled down -1.11% at 3665 after a surprise increase in U.S. inventories helped stall an upward trend. Crude inventories were up 614,000 barrels in the week to Dec. 23, the EIA data showed, compared with expectations for a decrease of 2.1 million barrel. Despite the unexpected rise in crude stocks, the EIA data published on Thursday showed a significantly smaller rise in crude stocks compared with Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period. Gasoline stocks fell 1.6 million barrels, compared with expectations in a poll for a 1.3 million-barrel rise. Both crude oil benchmarks have made big gains this month since OPEC and other producers agreed to curb production in an attempt to balance an over-supplied fuel market. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 0.172 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 486.1 million barrels as of last week, according to press release, which the EIA considered to be “near the upper limit of the average range for this time of year”. A committee of the Organization of the Petroleum Exporting Countries and non-OPEC producers will meet in Vienna on Jan. 21-22 to discuss compliance with the production agreement, Kuwaiti oil minister Essam Al-Marzouq told state news agency KUNA. Technically market is under long liquidation as market has witnessed drop in open interest by -4.26% to settled at 8493 while prices down - 41 rupee, now Crudeoil is getting support at 3644 and below same could see a test of 3623 level, And resistance is now likely to be seen at 3691, a move above could see prices testing 3717
