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Oil supplies weekly report – U.S. oil futures bounce off 2-week lows

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On Wednesday, West Texas Intermediate oil prices bounced off a more than two-week low in European trade.

The U.S. Energy Information Administration will issue oil supplies weekly report at 14:30GMT, or 10:30AM ET, amid forecasting  for a profit of 3.3 million barrels. On Tuesday, the American Petroleum Institute,  said that U.S. oil inventories rose by 2.6 million barrels in the week ended March 25.

The API said, Crude stocks at the Cushing, Oklahoma, delivery hub for WTI declined by 319,000 barrels and gasoline and distillate lists downed by 1.94 million and 95,000 barrels .

Crude oil for May delivery on the New York Mercantile Exchange tacked on 63 cents, or 1.65%, to trade at $38.91 a barrel by 08:20GMT, or 4:20AM ET.

yesterday, Nymex oil downed to $37.91, the low most since March 16, before ending at $38.28 , fell $1.11, or 2.82%.

crude futures have bounce back by 45% as a downfall in U.S. shale production amplified  price.
However, market analysts cautioned that market conditions stay weak due to an ongoing abundance.

 

Filed in: MCX India

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