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MTECHTIPS:-Crude future surges on report of record fall in supplies:-

 

Crude oil futures extending the gains surged on Thursday, after data showed that crude supplies in the U.S. fell by the most since April 1985. The U.S. Energy Information Administration (EIA) said in its weekly report that crude oil inventories fell by 14.51 million barrels in the week ended September 2.The gasoline inventories declined by 4.211 million barrels, while the distillate inventories including diesel, increased by 3.382 million barrels. Nymex crude posted the biggest daily percentage gain for US futures since April.Benchmark crude oil futures for October delivery gained $2.12 or 4.7 percent to close at $47.62 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for November delivery surged by $2.01 or 4.2 percent to $49.99 a barrel on the ICE. 

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