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As on: Jun 25, 2019 07:28 AM
Energy Preview: Crude Melts 3.50% On MCX
13-Jun-19   09:15 Hrs IST
Another bearish set of numbers from the US authorities pulled Crude oil prices to five month low. The US Energy Information Administration said US crude oil inventories rose by 2.21 million barrels in the week ending June 7, to take the overall supply tally to 485.47 million barrels, the highest in nearly two years. U.S. crude oil inventories were about 8% above the five-year average for this time of year. According to the EIA, total motor gasoline inventories increased by 0.8 million barrels last week and are about 2% above the five year average for this time of year. Distillate fuel inventories decreased by 1.0 million barrels last week and were about 4% below the five-year average for this time of year. WTI Crude currently quotes at $51 per barrel, down 0.27% on the day. MCX Crude oil futures ended down 3.50% at Rs 3591 per barrel following the massive tumble in global prices and should slide further today.

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