Crude witnesses constant selling pressure -24 Mar 2017

Commodity Intraday Tips

Crude Oil is maintaining a tiny range mid weak equities and record high US crude inventories. Overall sentiments remain weak for the commodity.

The latest Energy Information Administration (EIA) inventories data recorded a build of 4.95 million barrels in the week ending March 17th following a 0.24 million draw the previous week.

Crude inventories at 533.1 million barrels are 6.3 percent above year-ago levels and at a fresh record high with builds in 10 of the last 11 reporting weeks.

WTI Crude Oil futures are currently trading just under $ 48 per barrel amid these cues. 

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