CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 27 SEPTEMBER 2019
Energy Preview: MCX Crude Slides Under Rs 4000 Per Barrel Mark
WTI
Crude oil futures slipped to two week low of $55.50 per barrel yesterday as US
equities slipped and traders remained hopeful of Saudi output coming back on
track. US stocks eased on reports that the United States is unlikely to extend a
waiver allowing American firms to supply China's Huawei. Markets also remained
worried over an inquiry into the impeachment of President Donald Trump. The
commodity currently trades at $59.09 per barrel, down 0.57% on the day. MCX
Crude tumbled 0.62% to close at Rs 3976 per barrel, breaking under the key Rs
4000 per barrel level.
On
Wednesday, the Energy Information Administration (EIA) reported that US crude
stocks rose for a second week in a row, by 2.4 million barrels for the week
ended September 20th, 2019. Net US crude imports fell last week by 480,000
barrels per day. US crude oil production increased slightly. According to the
EIA, US crude oil production averaged 12.5 million barrels per day (b/d) last
week, up by 100,000 b/d from the previous week and up by about 1.4 million b/d
year on year. This was the first week that the US crude oil production
increased after remaining level for two consecutive weeks.
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