Energy Preview: MCX Crude Sees Profit Selling After Edging Up Near Rs 4100 Mark

Energy Preview: MCX Crude Sees Profit Selling After Edging Up Near Rs 4100 Mark

Nov 11, 2019 03:11 IST capital market

WTI Crude oil futures soared to six week high above $57 per barrel before pulling back last week. MCX Crude oil edged up near Rs 4100 per barrel before sliding. The commodity gained following positive news on the US-China trade front and rising global equities. 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. According to the EIA, total motor gasoline inventories decreased by 2.8 million barrels last week and were about 1 percent below the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and were about 9% below the five-year average for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and were about 13% above the five-year average for this time of year. Total commercial petroleum inventories increased last week by 3.9 million barrels last week.

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