Crude oil futures traded lower on Thursday morning as the official data showed an increase in inventories in the US. At 9.52 am on Thursday, September Brent oil futures were at $84.28, down by 0.22 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.68, down by 0.27 per cent. July crude oil futures were trading at ₹6,743 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹6,805, down by 0.91 per cent, and August futures were trading at ₹6,708 against the previous close of ₹6,761, down by 0.78 per cent. Data by the US EIA (Energy Information Administration) showed that crude oil inventories increased by 3.6 million barrels for the week ending June 21. Won’t help ease gasoline demandTotal motor gasoline inventories also increased by 2.7 million barrels in the US for the week ending June 21.

Source: The Hindu June 27, 2024 17:04 UTC