COMMODITY MARKET UPDATES FOR SEPT 22, 2016
Crude oil futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators widened their bets after a drawdown in the US crude inventories in a third consecutive week. The crude oil prices soared after the data released by the US Energy Information Administration showed a bigger-than-expected 6.2-million barrels drop in domestic crude stockpiles for the week ended September 16, 2016. At 504.6 million barrels, crude inventories were the lowest since February 12, 2016, but still 11 per cent above year-ago levels, said EIA. At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,076 per barrel, up by 0.98 per cent, after opening at Rs 3,070, against a previous close of Rs 3,046. It touched the intra-day high of Rs 3,080.