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Oil surges ahead of EIA data
29 Jun 2016
Crude oil futures jumped during evening trade in the domestic market on Wednesday ahead of data which is expected to show a drop in US supplies, easing worries over a global supply glut.

The EIA may on Wednesday show a 900,000 barrels drawdown in US crude inventories last week, analysts said.

The American Petroleum Institute (API) said late Tuesday that US crude oil stockpiles fell by 3.9 million barrels last week.

At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,270 per barrel, up by 1.36 per cent, after opening at Rs 3,240, against a previous close of Rs 3,226. It touched the intra-day high of Rs 3,295. (At 17:08 PM).

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