These data pointers pulled the WTI Crude under $56 per barrel and the counter currently trades at $55.92 per barrel, down more than 1% on the day. Markets also preferred to book profits ahead of the US EIA weekly inventories data.
MCX Crude Trading Tips – Above 4001 Target 4220—4410, Buy on Dips – Neal Bhai
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
Gold Silver Reports (GSR) – Crude Oil on MCX settled down 2.22% at 4629 after data showed an unexpected build in U.S. crude stockpiles as imports increased and exports fell. Oil prices were also hampered by a reported increase in UAE output by about 85,000 barrels a day July.