Crude Oil on MCX settled down -2.34% at 3637 plunged in yesterday’s session extending recent losses after official data confirmed a huge build in US gasoline supplies. Crude oil prices came under pressure after a mostly bearish EIA inventory report showed crude stockpiles fell more-than-estimated, but inventories of both gasoline and distillates rose more-than-expected.
Trading Ideas:
* Crude Oil trading range for the day is 3572-3746.
* Crude Oil settled lower after data showing crude stockpiles fell for the third straight week failed to offset a larger-than-expected build in gasoline supplies.
* Inventories of U.S. crude fell by roughly 5.6 million barrels for the week ended Dec. 2, beating expectations of a draw of 3.4 million barrels.
* Gasoline inventories rose by 6.8 million barrels, well above expectations for rise of 1.7 million barrels.
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