ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Oil prices extend rally, shrug off U.S. stock build

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Oil prices extend rally, shrug off U.S. stock build
Oil prices had surged on Tuesday as members of the Organization of the Petroleum Exporting Countries (OPEC) were set to renew efforts on concrete steps to implement a deal on cutting output in the face of a persistent global glut. Image Source: Reuters

Oil futures rose on Wednesday, shrugging off an industry report that showed an unexpected build in U.S. crude stocks, and adding to gains of nearly 6 % from the previous session.

Oil prices had surged on Tuesday as members of the Organization of the Petroleum Exporting Countries (OPEC) were set to renew efforts on concrete steps to implement a deal on cutting output in the face of a persistent global glut.

U.S. benchmark crude was up 14 cents at $45.94 a barrel at 0532 GMT. On Tuesday, the contract surged 5.8 % to $45.81 per barrel in its biggest intraday %age rise since early April.

Brent futures, the global benchmark, rose 20 cents to $47.15, after spending most of the Asian session in negative territory. They settled up 5.7 % at $46.95 a barrel in their largest %age gain since Sept. 28.

Both contracts had opened lower after Asian trading started following an after-hours report on Tuesday from the U.S. industry group, the American Petroleum Institute (API), that showed crude stocks rose last week. 

"Given the size of the move and that the market finished pretty to its highs it is a situation that likely favours the move continuing a little longer," said Ric Spooner, chief market analyst at CMC Markets in Sydney. 

OPEC agreed to an outline of a supply cutting deal in September but with two weeks to go before a Nov. 30 meeting, disagreements persist among members and non-OPEC Russia on crucial details.

OPEC secretary-general Mohammed Barkindo will travel to member nations, including Iran and Venezuela, over the next few days to discuss the deal.

"Should an agreement to limit production come through, it will be the first in eight years," Jingyi Pan, market strategist at IG in Singapore, wrote in a note. 

"There remains event risks from U.S. inventory reports in addition to non-OPEC members` stance that could jeopardize the current recovery pace of oil prices," Pan said. 

Crude inventories climbed by 3.6 million barrels to 488.8 million barrels in the week ended Nov. 11, the API report showed, compared with analyst expectations for an increase of 1.5 million barrels.

Official figures on stockpiles from the U.S. Energy Information Administration are due later in the day. 

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Sherry Jacob-Phillips)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
oil pricesUS oil futuresOrganisation of Petroleum Exporting Countries (OPEC)oil glutoil stock
Written By: Reuters
Updated: Wed, Nov 16, 2016
12:02 pm
Reuters
RELATED NEWS
Oil rises to over $80 per barrel  as dollar slumps on slowing inflation Oil rises to over $80 per barrel as dollar slumps on slowing inflation
Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices
"It is our moral duty to ensure best deal, India can't afford higher oil prices..." EAM Jaishankar on importing Russian oil
Crude below $100– Anil Singhvi decodes factors triggering steep fall in oil prices Crude below $100– Anil Singhvi decodes factors triggering steep fall in oil prices
Oil prices skid as US President Joe Biden pushes for fuel cost cuts Oil prices skid as US President Joe Biden pushes for fuel cost cuts

LATEST NEWS

Samsung Galaxy S23 5G Series launched in India: Check prices of S23 Ultra, S23 Plus and S23 - Specifications, Camera and other details

Budget 2023: Massive hike in Senior Citizen Savings Scheme, Post Office Monthly Income Scheme; Govt doubles deposit limit | Details

US Fed hikes rates for first time in new year

Union Budget: Download Budget 2023-24 PDF Document - Step-by-step guide

Q3 Results 2023: Jubilant Foodworks, Ashok Leyland, Tata Chemicals, Mahindra Logistics announce quarterly earnings - HIGHLIGHTS

Budget 2023: New Income Tax regime standard deduction - check amount

No capital gains tax if physical gold is converted to e-gold receipt or vice versa: FM Nirmala Sitharaman

Budget 2023: First budget of 'Amrit Kaal' lays foundation for developed India, says PM Modi

Fed meeting outcome, Budget 2023 impact, weekly expiry among 10 factors that may determine Sensex, Nifty movement on Thursday

Budget 2023 HIGHLIGHTS: Key takeaways on income tax changes, custom duty, LTCG, what becomes costlier & cheaper and much more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV