Crude oil futures end lower on unexpected increase in inventories

Crude oil futures ended lower on Wednesday, after moving higher over the two previous sessions, on unexpected increase in inventories. The Energy Information Administration (EIA) released a report unexpectedly showing a weekly increase in crude oil inventories. 

 

Crude inventories rose by 1.6 million barrels in the week ended November 22 as compared to Street estimate for a decrease of about 0.3 million barrels. The American Petroleum Institute had reported on Tuesday that US crude supplies rose by roughly 3.6 million barrels for the week ended November 22. 

 

Besides, The EIA said gasoline inventories also surged up by 5.1 million barrels during the week, while distillate fuel inventories increased by 0.7 million barrels.

Benchmark crude oil futures for January fell 30 cents or 0.5 percent to settle at $58.11 a barrel on the New York Mercantile Exchange. January Brent lost 21 cents or 0.3 percent to settle at $64.06 a barrel on London's Intercontinental Exchange.

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Onion prices score a century in Bengal

The price of onion is bringing tears in the eyes of its consumers in Bengal, with a kilo of the staple costing a whopping Rs 100 on Monday in some city retail markets.

The vegetable not only scored a "century', its price shot even higher in a few markets.

Onion had been selling at Rs 70-80 a kilo over the past couple of weeks.

Traders, however, felt the price would hover around the present figure, if not at a higher range for a few more days, as the state's decision to import onions from Rajasthan and Karnataka to boost the stock would see on-ground effect only next month.

A member of the state task force on vegetables said the situation has come to this pass because of the heavy rains in Maharastra's Nashik, which resulted in a large quantity of the bulb rotting following water seepage.

Maharashtra supplies about 70,000 tones of onion to Bengal every month, out of the state's total requirement of one lakh tonnes. Karnataka and Andhra Pradesh supplies the rest.

The onion supply from Nashik is expected to arrive in the metropolis in mid-December, when the prices would ease further.

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Crude oil futures end lower as traders take some profits following recent gains

Crude oil futures ended lower on Friday with traders taking some profits following recent gains. Concerns over the delay in the US and China closing in on an interim trade deal, and worries about energy demand outlook due to global economic slowdown weighed on oil prices. 

 

However, Baker Hughes reported a fifth consecutive weekly decline in the US oil-rig count. The number of active US rigs drilling for oil fell by 3 to 671 this week. The front-month US benchmark West Texas Intermediate (WTI) contract ended 0.1% lower for the week, while Brent, the global benchmark, saw weekly gain of roughly 0.1% weekly gain.

Benchmark crude oil futures for January fell 81 cents or 1.4 percent to settle at $57.77 a barrel on the New York Mercantile Exchange. January Brent dropped 58 cents or 0.9 percent to settle at $63.39 a barrel on London's Intercontinental Exchange.

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Crude oil trading range for the day is 4008-4196

* Crude oil trading range for the day is 4008-4196.

* Crude oil dropped due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China.

* U.S. shale production is likely to climb by 49,000 barrels a day in December to 9.133 million barrels a day.

* Saudi Arabia's crude oil exports in September fell by 3% to 6.67 million barrels per day (bpd) from 6.88 million bpd in August, official data showed.

* Crude stocks fell by 20.27 million bpd to 152.48 million bpd while domestic refinery crude throughput rose by 10,000 bpd to 2.584 million bpd.

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