Crude oil prices fell around half a percent, as apparently burgeoning
US stockpiles continue to make American oil market fundamentals look
fragile.
Last night, the American Petroleum Institute (API) reported that crude inventories increased by almost 3 million barrels, while gasoline and distillate stockpiles also grew, with reducing refinery utilization. Investors will look to today's announcement from the US Department of Energy for further direction.
Crude oil for January delivery declined as much as 56 cents, or 0.7%, to $77.81 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $78.02 recently.
Crude gained yesterday after reports yesterday showed signs of increased manufacturing output in the U.S. and China, responsible for about 32 percent of global oil consumption.Two separate reports - conducted independently by China's government and international banking group HSBC - both revealed a sharp rise in Chinese manufacturing. As western economies, particularly the United States stumble out of recession, the oil market has become increasingly dependent on the future growth in Chinese consumption.
The U.S. Energy Department will release its weekly supply report today in Washington.
In other related news on oil, export duty on oil in Russia will go up from $231.2 up to $271 per ton from December 1, 2009, Kazakhstan Today agency reports citing the government's order of the Russian Federation on export customs duties on crude oil and some categories of goods made from oil transported from the territory of the Russian Federation outside of the territory of the Customs Union states according to the agreement of November 26, 2009.
MCX crude tumbled below Rs 3600 per barrel and bounced from the low of Rs 3597 to trade at Rs 3606 down more than Rs 40. A break of Rs 3594 may take it to 3540 & 3490 levels.
Last night, the American Petroleum Institute (API) reported that crude inventories increased by almost 3 million barrels, while gasoline and distillate stockpiles also grew, with reducing refinery utilization. Investors will look to today's announcement from the US Department of Energy for further direction.
Crude oil for January delivery declined as much as 56 cents, or 0.7%, to $77.81 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $78.02 recently.
Crude gained yesterday after reports yesterday showed signs of increased manufacturing output in the U.S. and China, responsible for about 32 percent of global oil consumption.Two separate reports - conducted independently by China's government and international banking group HSBC - both revealed a sharp rise in Chinese manufacturing. As western economies, particularly the United States stumble out of recession, the oil market has become increasingly dependent on the future growth in Chinese consumption.
The U.S. Energy Department will release its weekly supply report today in Washington.
In other related news on oil, export duty on oil in Russia will go up from $231.2 up to $271 per ton from December 1, 2009, Kazakhstan Today agency reports citing the government's order of the Russian Federation on export customs duties on crude oil and some categories of goods made from oil transported from the territory of the Russian Federation outside of the territory of the Customs Union states according to the agreement of November 26, 2009.
MCX crude tumbled below Rs 3600 per barrel and bounced from the low of Rs 3597 to trade at Rs 3606 down more than Rs 40. A break of Rs 3594 may take it to 3540 & 3490 levels.
