WTI Crude Dips Near Six Month Low

4 Aug 2022 , 12:29 PM

WTI Crude oil futures slipped near a six month low after OPEC+ decided o raise its oil output goal by 100,000 barrels per day, a latest update from the producing group stated. The increase is equivalent to 0.1% of global demand. The Energy Information Administration reported a build in crude oil inventories of 4.5 million barrels for the week to July 29. This compared with a draw of an almost identical size for the previous week. The commodity currently trades at $90.82 per barrel, up marginally on the day. MCX Crude oil futures are trading at Rs 7253 per barrel, down 0.11% on the day, tracking weak global cues.Powered by Commodity Insights