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(22 Feb 2024, 18:07)

Crude lingers around $78 per barrel ahead of inventories data


WTI Crude oil futures maintained their position around $78 per barrel in Asia electronic trades today, following a 1% gain in the previous session. Investors are awaiting weekly data from the US EIA for further market insights. Saudi Arabia's crude-oil exports declined in December after three months of gains, with exports amounting to 6.31 million barrels a day, down by 28,000 barrels from the prior month. However, crude oil production rose by 126,000 barrels to 8.94 million barrels a day in December. Concerns about the timing of a ceasefire between Israel and Hamas and ongoing Houthi attacks on Red Sea shipping continued to support oil prices. MCX March oil futures were trading up Rs 49 at Rs 6496 per barrel.
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