Energy Preview: MCX Crude Spikes Nearly 2%

Energy Preview: MCX Crude Spikes Nearly 2%

Jul 23, 2021 09:07 IST capital market

WTI Crude oil futures extended a break above $70 per barrel on sustained bargain buying and hit near $72 per barrel, rallying more than 2% in last session. Traders continued to focus on improving US demand outlook. The Conference Board released a report on Thursday showing its reading on leading US economic indicators increased in June. The report said the Conference Boards leading economic index climbed by 0.7% in June after advancing by a downwardly revised 1.2% in May. Oil also eyed a drop in US crude oil inventories. The US Energy Information Administration reported a crude oil inventory build of 2.1 million barrels for the week to July 16. This compared with a draw of 7.9 million barrels for the previous week and marked the first increase in the US crude oil inventories since May. MCX Crude oil closed at Rs 5353 per barrel, up 1.92% on the day on firm global cues.

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