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Energy Today: Crude Oil Steady Ahead of Key OPEC+ Meet on Thursday

3 Mar 2021 8:14 am
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Mumbai (Commodities Control) - Oil steadied on Wednesday after witnessing three-days of fall as the market participants taking cautious approach ahead of OPEC+ meeting on Thursday.

OPEC+ alliance is said to be poised to agree a production increase on Thursday just as U.S. stockpiles were seen expanding by the most this year.

WTI oil is trading at $59.79 per barrel while Brent oil is trading at $62.83 per barrel.

American Petroleum Institute (API) reported that crude oil inventories rose by 7.36 million barrels in the week ending 26 Feb 2021.

The API also reported that gasoline inventories dropped by 9.93 million barrels while distillate stocks fell by 9.05 million barrels.

According to the Energy Information Administration, the U.S. oil production fell 1.1 million barrels per day to 9.7 million barrels per day.

MCX crude oil futures are forecast to showcase a choppy trend during the day and are likely to trade in the range of Rs. 4,400 – Rs. 4,500 per barrel.

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