CAPITALSTARS MCX COMMODITY CRUDE OIL NEWS UPDATE : 30 SEPTEMBER 2019
Energy Preview: WTI Crude Slides To Two Week Low
WTI Crude oil futures slipped to
two week low of $55 per barrel as US equities slipped and traders remained
hopeful of Saudi output coming back on track. MCX Crude oil futures extended
losses under Rs 4000 per barrel mark. US stocks eased on reports that 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 US 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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