Energy Preview: Crude Tests Two Week Low, MCX Futures Tumble
12-Oct-18   09:55 Hrs IST
WTI Crude oil futures tested a two week low yesterday amid sliding equities and profit selling pressure triggered by the US oil inventories data. The commodity recovered though and currently trades at $71.33 per barrel, up 0.51% on the day. MCX Crude ended at Rs 5252 per barrel in last session, down 3.70% on the day. Some bargain buying is seen emerging in the commodity after recent losses though the undertone in equities would matter a lot. The US Energy Information Administration or the EIA reported a build in commercial crude oil inventories of around 6 million. US crude oil imports averaged 7.4 million barrels per day last week, down by 568,000 barrels per day from the previous week, the EIA said. EIA said refineries last week operated at 88.8 percent of capacity, processing 16.2 million bpd of crude and producing 9.7 million bpd of gasoline and 5 million bpd of distillate. Gasoline inventories last week added 1 million barrels, compared with a 500,000-bpd fall a week earlier. Distillate inventories declined by 2.7 million barrels, after a 1.8-million-barrel draw a week earlier.

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