Crude stays supported ahead of EIA inventories data

WTI Crude Oil futures climbed impressively, adding to recent gains. WTI crude held firm above $69 a barrel today, hitting a five-week high after Trump issued a ten-day ultimatum to Russia over Ukraine, threatening 100% secondary tariffs?raising global supply concerns. Meanwhile, MCX August futures surged 1.76% to Rs 6079 per barrel, fueled by both oil market tensions and a weakening rupee, which slipped past 87 on Wednesday. The rupee came under pressure after Trump hinted at possible 20?25% tariffs on Indian goods, sparking fears of broader trade friction. The price gap widened between international and domestic oil as the rupee?s performance and local demand dynamics pushed Indian prices higher, even as US API data showed a surprise 1.5-million-barrel inventory build. Market is now eying the weekly US crude oil inventories data due to be released from Energy Information Administration.

Powered by Commodity Insights