Crude oil plunges on strong US crude inventories build

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity after rising US crude oil inventories.

According to American Petroleum Institute (API) inventory report published on Tuesday afternoon, US crude oil inventories increased yet again by 9.94 million barrels. At the MCX, crude oil futures for February 2017 contract is trading at Rs 3533 per barrel, down by 0.90 per cent, after opening at Rs 3565, against a previous close of Rs 3565. It touched the intra-day low of Rs 3530.

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