Commodity Trading Tips: Crude oil futures were trading unchanged in morning trade in the domestic market on Thursday as investors and speculators shied away from booking fresh positions in the energy commodity, ahead of the New Year, while a surprise rise in US crude oil stockpiles last week raised concerns over a supply surplus.
US crude oil stockpiles climbed by 2.6 million barrels to 487.4 million barrels in the week ended December 25, 2015, after a 5.9 million barrels rise in the prior week.
Ballooning supplies in the US, coupled with near-record high production by OPEC members with Iran set to unleash millions of barrels of its crude once sanctions end, signal little hopes of a price rebound in 2016.
At the MCX, Crude oil futures, for the January 2016 contract, is trading at Rs 2,442 per barrel, unchanged, after opening at 2,448, against the previous close price of Rs 2,442. (At 11:16 AM).
US crude oil stockpiles climbed by 2.6 million barrels to 487.4 million barrels in the week ended December 25, 2015, after a 5.9 million barrels rise in the prior week.
Ballooning supplies in the US, coupled with near-record high production by OPEC members with Iran set to unleash millions of barrels of its crude once sanctions end, signal little hopes of a price rebound in 2016.
At the MCX, Crude oil futures, for the January 2016 contract, is trading at Rs 2,442 per barrel, unchanged, after opening at 2,448, against the previous close price of Rs 2,442. (At 11:16 AM).
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