COMMODITY MARKET UPDATES FOR OCT 26, 2016
Crude oil futures tanked over 1.5 per cent during morning trade in the domestic market on Wednesday as investors and speculators exit positions in the energy commodity on speculation that Russia won’t join the OPEC in planned output cuts, exacerbating concerns over a global supply glut.
Meanwhile, US crude storage levels rose by a massive 4.8 million barrels last week, the industry-funded American Petroleum Institute (API) said.
The EIA on Wednesday will release separate crude inventory data for the US.
At the MCX, crude oil futures for November 2016 contract is trading at Rs 3302 per barrel, down by 1.55 per cent, after opening at Rs 3345, against a previous close of Rs 3354. It touched the intra-day low of Rs 3298.