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Energy Preview: WTI Crude Jumps Near $57 Per Barrel
08-Nov-19   09:06 Hrs IST

WTI Crude oil futures soared to six week high. Commodity gained following positive news on the US-China trade front and rising global equities. WTI Crude surged near $57 per barrel before pulling back from the same mark for a second session. WTI Crude currently trades at $56.94 per barrel, down 0.42% on the day. MCX Crude oil futures closed at Rs 4093 per barrel- up around 2% on the day.

The US Energy Information Administration reported a crude oil build of 7.9 million barrels for the week to November 1, adding to the string of latest increases. At 446.8 million barrels, US crude oil inventories were about 3 percent above the five-year average for this time of year. According to the EIA, total motor gasoline inventories decreased by 2.8 million barrels last week and were about 1 percent below the five-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.

Distillate fuel inventories decreased by 0.6 million barrels last week and were about 9% below the five-year average for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and were about 13% above the five-year average for this time of year. Total commercial petroleum inventories increased last week by 3.9 million barrels last week.

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