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Commodity News Details
Crude dips to 2-week low on inventory build and US deficit concerns
22-May-2025 12:40
Crude oil futures fell toward $60 per barrel on Thursday, touching a two-week low as oversupply concerns mounted. The decline followed a surprise build in US crude inventories, with the EIA reporting a 1.328 million barrel rise last week. Gasoline and distillate stocks also climbed, defying expectations for a drawdown. Adding to the pressure, a broader market sell-off sparked by rising US deficit worries weighed on sentiment. Meanwhile, hopes for easing Middle East tensions grew ahead of the upcoming fifth round of US-Iran nuclear talks, which have calmed fears over potential supply shocks. This followed recent reports suggesting possible Israeli military action on Iranian nuclear facilities. MCX June oil futures tripped by nearly 2% at Rs 5207 per barrel.

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