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Commodity News Details
Weekly Crude Oil Review: MCX Crude Approaches Rs 6900 Per Barrel Mark
29-Jun-2024 12:45
WTI Crude oil futures scaled up to nearly two month high above $82.70 per barrel as firm equities and escalation of geopolitical tensions in the Middle East provided good support to the prices. Turkish President Erdogan has shown support for Lebanon, further heightening tensions. The international oil prices are up over 7% in June. Meanwhile, the U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.6 million barrels, totaling 460.7 million barrels. This inventory level is about 2% below the five-year average for this time of year. Total motor gasoline inventories rose by 2.7 million barrels, aligning with the five-year average. Overall, total commercial petroleum inventories climbed by 8.2 million barrels last week. MCX Crude oil futures saw good support around Rs 6700 per barrel mark before pulling up and almost tested Rs 6900 per barrel as global prices flared up.

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