Crude Oil Corrects Nearly 1%

Crude Oil Corrects Nearly 1%

Nov 11, 2019 09:11 IST capital market

WTI Crude oil futures continued to ease today as a slide from six week high above $57 per barrel extended. The commodity is down 0.91% at $56.72 per barrel. MCX Crude oil edged up near Rs 4100 per barrel before sliding and corrected further today. The local futures are down 0.88% at Rs 4040 per barrel. The commodity gained following positive news on the US-China trade front and rising global equities. However, rising US crude oil inventories pulled the counter back. The US Energy Information Administration reported a crude oil build of 7.9 million barrels for the week to November 1st, adding to the string of latest increases. At 446.8 million barrels, US crude oil inventories were about 3% above the five-year average for this time of year. Total commercial petroleum inventories also increased by 3.9 million barrels. Global equities remained broadly poised on worries over further development in the US-China trade deal.

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