Crude Oil Futures In Reverse Gear

Crude oil futures were little changed during afternoon trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the energy commodity even as US crude oil inventories fell for a sixth straight week.
The US Energy Information Administration (EIA) on Wednesday said that crude inventories fell 1.8 million barrels for the week to May 12, against expectations for a decline of 2.4 million barrels. At the MCX, crude oil futures for May 2017 contract is trading at Rs 3154 per barrel, down by 0.06 per cent, after opening at Rs 3151, against a previous close of Rs 3156. It touched the intra-day low of Rs 3141 (at 13:50 hours).
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