Crude Oil Little Changed On Global Cues

Crude oil futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the energy commodity on concerns that the OPEC-led production cut may not significantly tighten a bloated market. However, data from industry group the American Petroleum Institute (API) showed on Tuesday that, US crude stocks fell last week, and both gasoline and distillate inventories also dropped, restricted further fall in crude prices. Meanwhile, US government will release its Energy Information Administration (EIA) inventory data on Wednesday at 1430 GMT.
At the MCX, crude oil futures for May 2017 contract is trading at Rs 3085 per barrel, down by 0.06 per cent, after opening at Rs 3103, against a previous close of Rs 3087. It touched the intra-day low of Rs 3076 (at 13:49 hours).
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