Crude Oil
WTI oil prices rose by 2.8 percent on Wednesday to close at $48.1 per barrel after bullish impact from lower crude inventories was offset by large gasoline builds that raised concerns about high autumn fuel supplies.
Also weighing on crude were Colonial Pipeline's efforts to fix an outage on one of its lines that had been supporting prices of gasoline, and the larger oil complex, since Tuesday.
EIA inventory update
Crude inventories fell 1.9 million barrels in the week to Sept. 18, the second straight weekly drawdown. Gasoline stocks rose 1.4 million barrels. Distillate stockpiles, which include diesel and heating oil, fell 2.1 million barrels.
Outlook
The crude market remains oversupplied from OPEC as well as NON opec nations although the crude inventories in the US declined as per the report from the EIA released last night.
On the MCX, oil prices are expected to trade higher today as international markets are trading higher by around 1 percent.
Contributed by Angel Broking
Sections
Categories