WTI holds onto the recent gains near $82.40, up 0.05% intraday, during a quiet Asian session on Wednesday. The oil benchmark cheered the US dollar weakness and upbeat sentiment to ward off the bearish inventory levels published by industry sources the previous day. The latest moves, however, await the official stockpile data for further direction.
Commodity: A surge in energy and metal prices is offering investors a fresh reminder of how the commodities market can fuel inflation and imperil the post-pandemic economic recovery.
Oil headed for a seventh weekly gain, the longest run since December, as a global energy crunch roiled markets from Europe to Asia.
MCX Natural Gas yesterday settled up by 3.48% at 433.7 on forecasts power generators will burn more of the fuel this week than previously expected and as record global gas prices keep demand for more U.S. liquefied natural gas (LNG) exports strong.
Brent Crude Rises: Shares of Asia Pacific oil producers and refiners advanced as crude prices continued to jump, on the back of OPEC+ agreeing to maintain gradual production increases.