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Energy Today: Crude Oil Rises on Resumption of Buying Interest; Surge in Global Demand

4 Mar 2021 7:46 am
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Mumbai (Commodities Control) - Crude Oil is trading above $61 a barrel as investors are waiting for the outcome of a critical OPEC+ policy meeting later Thursday with no clear steer on how much supply the cartel will return to a fast-tightening market.

WTI oil is trading at $61.31 per barrel while Brent oil is trading at $64.10 per barrel.

OPEC leaders Saudi Arabia and Russia held talks Wednesday seeking common ground on output as Saudi urges caution but Russia seeks to raise supply.

Crude has surged this year after the OPEC and its allies slashed collective output to drive a rebalancing of the pandemic-roiled market.

The aggressive supply management has helped to drain inventories, while worldwide demand recovers with the roll-out of vaccines.

According to EIA, the U.S. crude oil inventories rose by a whopping 21.6 million barrels in the week ending on 26 February 2020 while gasoline stocks fell by 1.36 million barrels and distillate stocks dropped by 9.7 million barrels.

MCX oil futures are forecast to trade on a positive note and March expiry futures contract is forecast to move higher towards Rs. 4600 per barrel.

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