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Mumbai, 10 April (CommoditiesControl): Oil prices steadied in early trading on Wednesday after experiencing two consecutive sessions of decline, as concerns over a larger-than-expected build in US crude stockpiles were offset by diplomatic discussions between Israel and Hamas in the Middle East.
US Inventory Build: WTI crude futures held steady near $85 per barrel, while Brent crude futures hovered around $89.5 per barrel. The market reacted to data eleased by the American Petroleum Institute (API), indicating a notable increase of 3.034 million barrels in US crude inventories last week, surpassing analysts' forecasts and reversing the previous week's decline.
Middle East Diplomacy: Ongoing diplomatic talks between Israel and Hamas provided some relief to market sentiment, as Hamas considered Israel’s ceasefire proposal. This development raised hopes for potential de-escalation in the region, which is closely watched for its impact on global oil supply.
Strait of Hormuz Concerns: Despite diplomatic efforts, concerns over potential disruptions in the Strait of Hormuz persisted. Iran's Revolutionary Guard warned of possible trade disruptions, highlighting the strategic importance of the waterway through which about a fifth of the world's oil consumption volume passes daily.
On the Multi Commodity Exchange (MCX), crudeoil prices remained relatively flat, experiencing a marginal decrease of (-0.01%) and trading near 7100. Technical analysis suggests initial support at 7047 and resistance levels at 7197-7291.
The global oil market continues to navigate uncertainties arising from geopolitical tensions and supply dynamics, influencing price movements and market sentiment.
(By Commoditiescontrol Bureau; +91-9820130172)
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