Crude oil falls by 0.22% on rising stockpiles, uncertain demand outlook and strong dollar

Crude oil prices reversed its previous day’s gains, falling by 0.22 per cent on Thursday at the domestic markets after a report said that US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation. US crude oil stockpiles rose 2.6 million barrels to 384 million barrels last week, the EIA said. 

At the MCX, crude oil futures for March 2013 contract were trading at Rs. 5,030 per barrel, down by 0.22 per cent, after opening at Rs. 5,042 against the previous closing price of Rs. 5,041. [Via]

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