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Energy Today: Crude Oil Rises on Fall in Inventories, Rising Demand

8 Apr 2021 7:26 am
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Mumbai (Commodities Control) - The global oil futures are holding 2-days gains near $60 a barrel as the weekly inventories fell last week as well as traders are optimistic about demand push as the economy is reviving. WTI oil is trading at $59.42 per barrel while Brent oil is trading at $62.88 per barrel.

According to Energy Information Administration (EIA), crude oil inventories dropped by 3.52 million barrels in the last week ending on 2nd April 2021 while gasoline and distillate inventories rose by 4.04 million barrels and 1.45 million barrels, respectively.

Oil prices have been boosted by signs of improving energy consumption as vaccines are rolled out, still-stubborn Covid-19 outbreaks and renewed lockdowns, especially in Europe, have acted as a limiting factor.

Federal Reserve policy makers signalled the central bank will go on supporting the economy with asset purchases to safeguard the recovery, strengthening the outlook for energy consumption.

MCX crude oil futures ended higher, reciprocating the positive trend of their global benchmark. The positive trend is forecast to extend during the day and MCX crude oil futures for April expiry are likely to move higher towards Rs. 4550 per barrel. 

 



       
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