Hot Commodities: Upbeat US Demand Prospects Keep Crude Oil Elevated

Hot Commodities: Upbeat US Demand Prospects Keep Crude Oil Elevated

Jun 24, 2021 02:06 IST capital market

The WTI Crude oil futures stabilized above $73 per barrel today as prospects of rising US demand and generally upbeat undertone regarding the near term oil price movement supported the sentiments. The US Energy Information Administration or EIA data showed yesterday that the US crude inventories fell by 7.61 million barrels to 459.06 million barrels in the week ended June 18. The EIA also showed a sizable fall in US gasoline inventories which dropped by 2.93 million barrels to 240.05 million barrels in the week ended June 18. This was in line with the narrative that US fuel demand is supported by falling Covid-19 cases and easing of restrictions in the summer driving season. The total products supplied, EIAs proxy for demand, ticked up nearly 1% to 20.75 million b/d in the week to June 18. The WTI Crude oil futures are currently trading up 0.57% at $73.50 per barrel- holding around 32 month high. The MCX Crude oil futures are trading at Rs 5464 per barrel, up 0.44% on the day after hitting a high of Rs 5472 per barrel in intraday moves.

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