Crude consolidates at one-and-half week high

WTI Crude oil futures are consolidating around one and a half week high as rising US inventories are capping advances for the commodity. Crude oil inventories in the United States rose by 3.7 million barrels to 420.3 million barrels during the week ending October 3, after gaining 1.8 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. This weighed on the sentiments and WTI Crude oil futures are currently trading at $62.69 per barrel, up 0.22% on the day. Oil rallied more than 1% yesterday amid firm cues from US equities as a rally from four-month lows extended. Meanwhile, MCX Crude oil futures are trading at Rs 5579 per barrel, up marginally on the day. The counter rallied 1.75% in last session as a break above Rs 5500 per barrel extended.

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