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Crude oil dips on rising U.S. gasoline stockpiles

  • Crude oil futures closed lower in the domestic market on Wednesday as a weekly jump in U.S. gasoline stockpiles that was more than twice what the market expected pulled crude futures to their lowest level.

    The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell 5.6 million barrels for the week ended Dec. 1. That was bigger than the forecast for a decline of 4.1 million barrels from analysts.

    The Organization of the Petroleum Exporting Countries and its oil-producing allies reached a unanimous decision to extend their oil output-cut deal to the end of December 2018.

    At the MCX, crude oil futures for December 2017 contract closed at Rs 3641 per barrel, down by 2.23 per cent, after opening at Rs 3709, against a previous close of Rs 3724. It touched the intra-day low of Rs 3626.

     

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