WTI Crude tanks under $60 per barrel as rising US supplies hurt

WTI Crude oil futures tanked under $60 per barrel to approach near four-year lows. The counter has endured hefty losses for third session in a row and currently quotes at $59.25 per barrel, down around 2% on the day. It had lost around 2.60% yesterday. Oil is falling as worries over Chinese demand trends and rising US crude oil inventories are keeping the mood muted. The US imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased. This is likely to cap major uptick in oil prices in near term. Market is now eying the release of weekly US crude oil supplies data later on today. On the MCX, Crude oil futures are trading at Rs 5046 per barrel, down 2.40% on the day as a failure to hold above Rs 5100 per barrel mark triggered heavy correction in last two hours.

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