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Commodity

Commodity Analysis

End Session Commentary

 
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Crude Plummets To Three Week Low
(18-Apr-2024, 17:25 Hours IST)  
WTI Crude oil futures corrected today, adding to massive losses in last session as traders eyed rising US crude oil inventories. The commodity trades at $81.82 per barrel, down 0.40% on the day. These are the lowest level in three weeks. Oil tanked more than 3% in the previous session as the US EIA data showed 2.735 million barrel increase in crude inventories last week compared with a significant build of 5.8 million barrels for the previous week. Cushing oil inventories increased by 0.033 million barrels, contrasting with the previous week?s decrease of 0.17 million barrels. Refining utilization decreased by 0.2% following a decrease of 0.3% in prior reading. Meanwhile, equities were mildly higher today. In Asia, China?s Shanghai Composite index ended marginally up after recent tumble. Hong Kong?s Hang Seng index rallied 0.82%. Japan?s Nikkei 225 index added 0.31%. European stocks saw modest gains.

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