Crude Oil
WTI oil prices rose by around 4 percent on Thursday to close at $45.9 per barrel as indications of strong demand for gasoline overshadowed a report showing increased U.S. crude inventories.
A weaker dollar also made dollar-denominated crude more affordable to holders of the euro, while gains on Wall Street enhanced bullish sentiment in oil markets.
EIA inventory update
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.6 million barrels from the previous week. At 458.0 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.
Outlook
On an intraday basis, we expect oil prices to trade lower as international markets are down by around half a percent. Besides, oil markets continue to be dominated by over supplies on one hand and bleak demand on the other hand.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
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