Oil Tanks Near $50 Levels To Mark 2017 Lowsc
WTI Crude oil futures tanked by more than 5% Wednesday to test its
lowest levels of the year after US government data revealed a weekly
jump in crude supplies that lifted total inventories to another record. A
slight correction in US equities also hurt the commodity.
Prices
dropped near $50 per barrel before some buying emerged in Asian trades.
MCX Crude oil futures ended down 4% at Rs 3417 per barrel, witnessing a
huge correction as sentiments turned totally bearish after a break under
Rs 3500 levels.
US commercial crude oil inventories (excluding
those in the Strategic Petroleum Reserve) increased by 8.2 million
barrels from the previous week. At 528.4 million barrels, U.S. crude oil
inventories are above the upper limit of the average range for this
time of year. Total motor gasoline inventories decreased by 6.6 million
barrels last week, but are near the upper limit of the average range.
Both finished gasoline inventories and blending components inventories
decreased last week. Distillate fuel inventories decreased by 2.7
million barrels last week but are near the upper limit of the average
range for this time of year.
Prices
dropped near $50 per barrel before some buying emerged in Asian trades.
MCX Crude oil futures ended down 4% at Rs 3417 per barrel, witnessing a
huge correction as sentiments turned totally bearish after a break under
Rs 3500 levels.
You can also use remote monitoring solutions like this (for example, http://www.dataonline.com/tank-level-monitoring/)
ReplyDelete