USA crude oil stocks soar 6.5 million bbls in unexpected build: API

By Shinichi Saoshiro

By Shinichi Saoshiro

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, API said.

Crude palm oil prices were up by 0.28 per cent to Rs 562.40 per 10 kg in futures trade today as speculators created more bets, driven by a firm demand at the spot market.

Crude oil stocks in the US were seen down 2.850 million barrels, while distillates were expected to post a drop of 1.775 million barrels and gasoline inventories expected down 1.025 million barrels.

-The slide could extend further if the official Energy Information Administration data, due later Wednesday, confirm API's bearish inventory reading.

The contract fell today on the back of forecasts for rising USA crude output and a more sanguine outlook for global demand growth from a report from the International Energy Agency.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November a year ago.