Weekly Crude Oil Review: MCX Crude Approaches Rs 8100 Per Barrel

30 Jul 2022 , 01:42 PM

WTI Crude oil saw solid gains. Supply concerns after Russia tightened its gas squeeze on Europe and prolonged weakness in the dollar supported crude oil. Besides, large draw in crude inventories as reported by several agencies too contributed to gains in the commodity during the week. The US West Texas Intermediate (WTI) crude futures for September delivery pushed up above $98 per barrel mark. The US crude oil stockpiles fell by 4.5 million barrels last week, against expectations of a 1 million-barrel drop, while US gasoline demand rebounded by 8.5% week on week, according to data from the Energy Information Administration. MCX Crude oil moved up to a high of Rs 8100 per barrel. Powered by Commodity Insights