04-May-2024 15:23

WTI Crude oil futures stayed slippery. Prices fell to six week low of $78 per barrel with a break under $80 per barrel mark leading to further pressure on crude. Easing geo political tensions in the Middle East weighed on mood despite firm cues from US equities and weak US dollar. Traders also eyed soaring US oil inventories. The U.S. Energy Information Administration reported an inventory increase of 7.3 million barrels for the week to April 26.This compared with a substantial draw of 6.4 million barrels for the previous week. In gasoline, the authority reported an inventory rise of 300,000 barrels for last week, which compared with a modest draw of 600,000 barrels for the week before. Meanwhile, India has cut its windfall tax on petroleum crude to 8,400 Indian rupees a metric ton from 9,600 rupees with effect from May 1. The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel.

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