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Weekly Crude Oil Review: Prices Slip To Three Week Low
(20-Apr-2024, 12:19 Hours IST)  
WTI Crude oil futures corrected in the week gone by, adding to massive losses after prices tested highs near $88 per barrel earlier in the month to mark their highest levels in five months. Volatile equities capped upside and traders also eyed rising US crude oil inventories. The commodity dipped near $82 per barrel, testing lowest level in three weeks. Extending the surge seen over the past few weeks, crude oil inventories in the U.S. once again increased in the week ended April 12th, according to a report released by the Energy Information Administration (EIA). The report said crude oil inventories jumped by 2.7 million barrels last week after spiking by 5.8 million barrels in the previous week. At 460.0 million barrels, U.S. crude oil inventories are now only approximately 1 percent below the five-year average for this time of year, the EIA said. Cushing oil inventories increased by 0.033 million barrels, contrasting with the previous week?s decrease of 0.17 million barrels.

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