EPIC RESEARCH MCX CRUDE OIL UPDATE OF 13 JULY 2016

Posted by Farhan Khan on 13:04:00 with No comments

WTI oil prices rose by 4.6 percent on Tuesday to close at $46.8 per barrel the biggest daily gain since April, as investors' covering of short positions and a technical rebound helped lift the market from twomonth lows. However, crude futures pared gains in post-settlement trade after industry group American Petroleum Institute (API) reported a surprise build of 2.2 million barrels in U.S. crude stockpiles last week. Oil came under selling pressure after the last EIA weekly report contained U.S. crude and gasoline inventory numbers that signaled weak demand. A higher count for U.S. oil drilling rigs and fewer bullish bets by hedge funds had also weighed on the market. On the MCX, oil prices rose by 4.1 percent to close at Rs.3142 per barrel.

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