Friday, 12 February 2016

Mcx Crude Oil and Natural Gas Updates

Crude oil settled down -2.9% at 1844 dropped to test level seen never before Feb 2009 tracking weakness from Nymex Crude oil which fell sharply to fresh 12-year lows on Thursday fell to an intraday low of $26.22 a barrel amid a bearish monthly supply report from OPEC and further indications that a deal between Russia and the world's largest oil cartel on potential cuts in production will not materialize.

This week US EIA said that supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 523,000 barrels last week to an all-time high just shy of 65mbls.

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