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As on: Jun 27, 2019 05:52 AM
Crude Extends Corrective Spell, MCX Futures Under Rs 4400 Mark
15-Apr-19   17:39 Hrs IST

Crude oil futures eased today as follow up selling stayed in place after the prices eased from a five month top in last week. Steady global equities did not offer much support to the commodity and the WTI Crude oil futures are currently trading at $63.20 per barrel, down 1% on the day. MCX Crude oil futures are trading at Rs 4390 per barrel, down 1.40% on the day.

Oil fell last week after the US crude oil stocks rose to the highest in nearly 17 months as imports climbed, the Energy Information Administration (EIA) said. US Crude inventories rose 7 million barrels to 456.6 million barrels. EIA forecasts that US crude oil production will average 12.4 million b/d in 2019 and 13.1 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.

Meanwhile, according to latest Baker Hughes data, US drilling rig count dropped 3 units to reach 1,022 rigs working for the week ended April 12 on a weekly basis. However, the count is up 14 units from the 1,008 rigs working this time a year ago. US oil directed rigs increased by 2 from last week to 833 units. A year ago, 815 units were drilling for oil.

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