Crudeoil on MCX settled up 0.32% at 4366 as tensions in the Middle East stoked fears of potential disruptions to supply. U.S. crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.
Crude stocks swelled by 5.4 million barrels, surprising analysts who had expected a decrease of 800,000 barrels. China’s crude oil throughput rose in April to match record daily levels, government data showed, buoyed by growing production at private refiners including a mammoth new facility in the country’s northeast.
Refinery runs climbed 5% from the year before to 52.1 million tonnes, or 12.68 million barrels per day (bpd), matching record daily levels racked up earlier this year, data from the National Bureau of Statistics showed. U.S. crude stockpiles unexpectedly rose last week, while gasoline and distillate inventories increased, data from industry group the American Petroleum Institute showed. Crude inventories rose by 8.6 million barrels in the week to May 10 to 477.8 million, compared with expectations of a decrease of 800,000 barrels.
Oil prices have drawn support after Saudi Arabia said armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, while the U.S. military said it was braced for “possibly imminent threats to U.S. forces in Iraq” from Iran-backed forces.
Technically market is under fresh buying as market has witnessed gain in open interest by 20.53% to settled at 14519 while prices up 14 rupees, now Crudeoil is getting support at 4306 and below same could see a test of 4247 level, And resistance is now likely to be seen at 4404, a move above could see prices testing 4443.
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