MCX Crude Above Rs 7600 Per Barrel Amid Sustained Gains In Global Prices

25 Aug 2022 , 12:51 PM

The WTI Crude oil futures are consolidating around $95 per barrel mark amid sustained buying support after the recent break above $90 per barrel. Traders also eyed a slight bout of weakness in the US dollar index and a drop in the US crude inventories. The Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. In gasoline, the EIA had reported an inventory decline of 4.6 million barrels for the week before last and with last weeks level unchanged, inventories are around 7 percent below the seasonal average. These data pointers were good enough to keep oil afloat amid steady cues from equities globally. MCX Crude is also up 1% at Rs 7609 per barrel.Powered by Commodity Insights