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Commodity Market Updates for September 08, 2016

Crude oil futures jumped by nearly 2 per cent during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity after a report showed that US crude oil storage levels unexpectedly fell last week, easing worries over a global supply glut. The Industry-funded American Petroleum Institute (API) said that US crude oil stockpiles fell by 12.1 million barrels in the week ended September 2, 2016. The EIA will release separate US inventory data later in the session. Meanwhile, traders are awaiting some concrete measures from producers to help stabilize prices with Russia and Saudi Arabia set to establish a working group to monitor the market. Iran said that it will back efforts targeted at bringing about fair prices. At the MCX, crude oil futures for September 2016 contract is trading at Rs 3,078 per barrel, up by 1.92 per cent, after opening at Rs 3,022, against a previous close of Rs 3,020. It touched the intra-day high of Rs 3,082 (at 11:23 AM).