MTECHTIPS:- Crude Stays Locked In Negative Territory

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MTECHTIPS:- Crude Stays Locked In Negative Territory

MTECHTIPS-Crude oil futures extended their correction amid continued worries on the global trade. Prices eased last night after drop in US Crude oil inventories capped the downside though elevated prices are also limiting the speculative demand and keeping the overall trading sideways. WTI Crude futures slipped amid mostly weak equities and currently trade just above $63 per barrel, down more than half a percent on the day. MCX Crude oil futures stayed in negative territory and currently trade at Rs 4104 per barrel, down 0.27% on the day. US crude stocks slipped last week as refineries hiked output, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.6 million barrels in the last week as refinery crude runs rose by 141,000 barrels per day. Refinery utilization rates rose by 0.7 percentage point. US refiners are beginning to restart units after seasonal maintenance work ahead of the high demand in coming summer months. However, Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.7 million barrels, EIA said. US crude production also continued to surge, hitting a new weekly record of 10.46 million barrels per day (bpd) compared with 10.433 million bpd last week

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