WTI Crude oil futures edged up lately after a retreat within the last session. prices tested two month highs above $50 per barrel this week and eased on profit selling. on the other hand, falling US crude oil inventories and vulnerable US greenback are keeping the counter supported. WTI Crude is presently buying and selling at $49.82 per barrel, up 0.44% on the day. MCX Crude oil futures are trading at Rs 3173 per barrel, up 0.83% on the day.
The most recent power knowledge Administration (EIA) data recorded a list draw of 1.53 million barrels for the week ending July 28th following a draw of 7.2 million barrels the previous week. Crude inventories declined to 481.9 million barrels and had been down 2.0% on the year, even if nonetheless in the upper half of of seasonal stock levels. Refinery use rose 1.1% on the week following a 0.3% raise the previous week with the intention to help underpin expectations of firm demand for crude.
Home crude manufacturing recorded a acquire of 0.2% on the week at 9.41mn bpd following ultimate week’s decline and there was once a rise of 11.5% over the 12 months. gasoline inventories recorded a draw of 2.5 million barrels on the week with a 4.4% annual decline whereas distillate recorded a draw of 0.2 million barrels with a 12 months-on-yr decline of 2.4%.
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