Last Updated : February 02, 2012 13:40
Crude oil extends down trend on raising US inventories
Crude oil futures extended downward slide, suppressed by the huge jump in US oil inventories.
EIA reported in it’s weekly report that U.S. commercial Crude Oil inventories increased by 4.20mn barrels to 338.9mn barrels last week, as compared with a forecast of a 2.6mn barrel gain.
Gasoline stockpiles rose 3.02mn barrels to 230.1mn. However, supply concerns in the Middle East continued to limit the downside in the energy complex.
Iran has now vowed to stop oil exports to some countries in Europe. Moreover, South Sudan has shut down daily oil output of around 350,000 barrels in a row with Sudan over export transit fees.
Courtesy: IIFL
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