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Oil trims gains after surprise US inventory build; Eyes on Trump
14-May-2025 13:24
Crude oil futures slipped to around $63 per barrel, trimming nearly 3% gains from the previous day after API data revealed a 4.29 million barrel jump in US crude inventories, defying expectations of a draw. Despite the build, prices stayed near two-week highs, supported by falling gasoline and distillate stocks and a weaker US dollar. Geopolitical tensions around Iran and optimism from the US-China tariff relief added bullish undertones. MCX oil traded flat near ₹5430. Traders are now eyeing President Trump's upcoming Middle East visit amid rising fuel demand.

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