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Commodity Mid Session News

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(25 Apr 2024, 13:49)

Oil Steady Near $83 Amid Inventory Drop

Crude oil futures held steady around $83 per barrel on Thursday, buoyed by a surprise drop in oil inventories. Market attention now turns to US GDP data and the Fed-preferred PCE price index report to gauge future trends. Prices slipped in the previous session as tensions in the Middle East eased, with Iran and Israel signaling no further military actions. Progress in oil tanker deliveries in the Red Sea alleviated supply concerns, easing tightness in foreign markets. MCX May crude oil futures traded up Rs 47 at Rs 6936 per barrel.

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