WTI Crude oil futures continue to consolidate around $110 per barrel as markets eye the overall demand trends given the improving Covid-19 situation in Shanghai. The American Petroleum Institute (API) reported a crude oil draw of 2.445 million barrels. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data. The Asian equities are mixed and US Dollar index is hovering around 103 mark, witnessing a mild recovery after recent correction. This is making the whole scenario choppy for crude oil. The upcoming EIA inventory data is also in focus. Powered by Commodity Insights
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