WTI Crude tests three-week low, tries to stabilie around $75 per barrel

WTI Crude oil futures corrected yesterday, witnessing consistent selling pressure as rising US crude oil inventories and hopes of further progress in US-Iran peace talks weighed on the commodity. The counter tested three-week lows before witnessing a modest recovery. The counter lingers around $75 per barrel, down marginally on the day and has lost nearly 11% this week. Meanwhile, the US crude oil stockpiles rose by 2.5 million barrels to reach 407 million barrels during the week that ended on July 31, the Energy Information Administration reported Wednesday. Crude stocks at the Cushing, Oklahoma delivery hub climbed by 2.4 million barrels during the same period. The US refinery crude runs decreased by 183,000 barrels per day, while utilization rates fell by 0.7 percentage points to 96.5% for the week. The US crude oil inventories are about 6% below the 5-year average for this time of year. MCX Crude oil futures are up 1% today and trade at Rs 7185 per barrel amid stable cues from global markets after recent correction.

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