CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 05 SEPTEMBER 2019
Energy Preview: Crude oil may witness some profit booking after yesterday gains
Oil prices fell on Thursday, giving up some of the strong
gains of the previous session, after an industry report showed U.S. crude
stockpiles rose last week, against analyst expectations of a decline. The U.S.
crude stocks rose last week, while gasoline inventories decreased and
distillate stocks drew, data from industry group the American Petroleum
Institute (API) showed on Wednesday. Crude oil may move towards 4010 while
taking resistance near 4090. Crude inventories rose by 401,000 barrels in the
week ended Aug. 30 to 429.1 million, compared with analysts’ expectations for a
decrease of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma,
delivery hub fell by 238,000 barrels, while refinery crude runs fell by 306,000
barrels per day, API said.
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