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As on: Oct 24, 2018 10:31 AM
Energy Preview: Crude Crashes, WTI Futures Linger Around $72 Mark
11-Oct-18   09:56 Hrs IST
Crude oil eased as the undertone in risky assets was weak following the recent updates on global economy. US and European stocks traded lower on Wednesday, as investors monitored the latest political developments in Italy and the general worries over global economic slowdown also weighed. WTI Crude fell around 2.5% yesterday and currently trades at $72 per barrel, 1.70% on the day. MCX Crude closed at Rs 5449 per barrel, down 2.24% on the day. Market is also eyeing the weekly inventories data from the US Department of Energy to be released today. Last week's data showed that US crude oil stockpiles rose by their most in a week since March 2017, driven in part by a build at the Cushing, Okla., hub and a drop in exports. Crude inventories jumped by 8 million barrels in the week to September 28 2018. US crude imports also stayed firm. Over the past four weeks, crude oil imports averaged around 7.8 million barrel a day, 10.2% more than the same four-week period last year, the update from Energy Information Administration (EIA) noted.

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