Crude oil - Prices Rose by 0.50 per cent on Wednesday in spite of a sharp build in industry-estimated US crude oil stocks. The American Petroleum Institute said that crude stocks rose 1.6 million barrels last week, well above the fall of 1.2 million barrels seen. At the MCX, crude oil futures for November 2015 contract were trading at Rs. 2,787 per barrel, up by 0.50 per cent, after opening at Rs. 2,778 against the previous closing price of Rs. 2,773. It touched the intra-day high of Rs. 2,791 till the trading.
Separately, a government report on Wednesday could show that US inventories fell by 1.2 million barrels for the week ending on November 27. Last week, US crude stockpiles rose for the ninth straight week to remain at their highest level in at least the last 80 years.
Energy traders are mostly hesitant to make any major moves before Friday's critical OPEC meeting in Vienna, one with potential to be the most contentious in recent memory.
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