Hot Commodities: Crude oil soars in Asia after falling last week, MCX futures up 5%

WTI crude oil prices gained today as a recovery after the counter eased near two-week low last week stayed in place. Uncertainty over US ? Iran talks kept geopolitical tensions elevated and pushed up WTI Crude around 4% to $99.93 per barrel. Crude ended last week with a loss of around 6.40% and is still down 5% for the current month. Meanwhile, the US Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending May 1, according to new data from the US Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 457.2 million barrels, according to government data, which is still 1% above the five-year average for this time of year. For total motor gasoline, the EIA reported that inventories had decreased by 2.5 million barrels on top of the 6.1 million barrels lost in the week prior. The US crude oil and products supplies will come in focus now as summer driving season nears. MCX Crude oil futures spiked 5.26% at Rs 9499 per barrel.

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