Energy Preview: MCX Crude Jumps 1%

Energy Preview: MCX Crude Jumps 1%

Dec 13, 2019 03:12 IST capital market

WTI Crude oil stayed supported amid positive cues from equities as traders eyed a workable solution on the US-China trade front. The upside was capped though. Global oil stocks will rise in the first quarter of 2020 despite attempts by the Organization of the Petroleum Exporting Countries and its allies to balance the market, the International Energy Agency (IEA) said Thursday. The IEA said it was trimming its 2020 non-OPEC oil supply growth forecast by 200,000 barrels a day to 2.1 million barrels. The agency it still expects global inventories to build by 700,000 barrels a day in the first three months of next year. The WTI Crude oil futures are hovering around $59.54 per barrel, up 0.60% on the day. MCX Crude oil closed at Rs 4204 per barrel, up 1.15% on the day amid excellent buying support.

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