Saturday, May 27, 2017
News

Oil prices plunge after disappointing stockpile data

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New York | Friday, 2016 6:15:04 AM IST
 
Oil prices reversed early gains to end sharply lower on Thursday, as official data showed US crude inventories dropped by less than expected.

The West Texas Intermediate for August delivery tumbled $2.29 to settle at $45.14 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped $2.40 to close at $46.40 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

US crude supplies of last week lost 2.2 million barrels to 524.4 million barrels, below market consensus of a 2.5-million decline, according to the Energy Information Administration (EIA)' s weekly report released on Thursday.

The industry-funded American Petroleum Institute reported Wednesday that crude supplies fell by 6.7 million barrels last week.

Meanwhile, worries about global economic uncertainty after Britain's exit from the European Union continued to weigh on the market.

--IANS pgh/

( 151 Words)

2016-07-08-05:44:02 (IANS)

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
 
MORE BUSINESS NEWS
Modi inaugurates India's longest river b...
Intel stands as top player in corporate ...
Zebronics launches new speakers at Rs 11...
Long associated with coal, NTPC seen as ...
nexGTv now available on Amazon's Fire TV...
Trump calls on NATO members to tackle te...
More...
 
INDIA WORLD ASIA
Cong will return to power in 2019 electi...
J&K Govt announces summer vacations from...
72 hours on, wreckage of missing Sukhoi-...
Nitish gives Sonia's lunch a miss, set t...
Supercop K.P.S. Gill dead (Lead)...
Nitish Kumar to attend Modi's lunch for ...
More...    
 
 Top Stories
J&K Govt announces summer vacations... 
Cong will return to power in 2019 e... 
Today's meeting a start to rallying... 
J-K: Terrorists attack army's patro... 
Pak hikes defence budget by 7 perce... 
RJD's application for EVM hackathon... 
'Raabta' team quashes 'Magadheera' ... 
Rock band Kiss, WWE cancel shows in... 
 
Weather in Delhi