Oil was steady today — but headed for a modest weekly gain — as the market weighed signs of weakening US demand against tensions in the Middle East and North Africa.
West Texas Intermediate traded above $72 a barrel after declining 0.7% Thursday, when Brent crude closed below $78. American gasoline inventories swelled the most in three decades and implied demand dropped to the lowest in a year, official data showed. Crude stockpiles at the Cushing, Oklahoma, hub rose to the highest since, although overall supplies fell.
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Manisha joins us now with uh you know what this has meant for all of the Commodities Manisha we’re still pretty much at that $78 Barrel Mark for crude yeah you know the reason for that is and even as we are looking at Supply disruptions in the Middle East now
Especially with the Israel hamus war spilling over into Lebanon uh Red Sea tensions are keeping the premiums on there’s an oil output halted at Syria as well but the markets are looking at a very big buildup in sense of inventories in the US when it comes to gas and
Distillate when you look at the gasoline stocks that have risen in us it’s the highest week on week rise in more than 30 years so that is the kind of supplies and inventories we are dealing with in the international markets is the reason that $80 a barrel still continues to be
A resistance right now but all of these markets will watch out for the us nonpar payroll data well uh markets are looking for 170,000 number of an increase in non-farm payrolls so if you get that number then we are on um you know Target right on for an interest rate cut in the
Month of March anything less or more than that the street will of course have a relook at all of these factors but apart from that the US dollar also has rebounded that is trading above 102 right now and that also seems to be putting some pressure whether it’s on
Crude and gold and keeping the prices in check here okay that is the latest coming on on the Commodities back Manisha thanks a lot for bringing us all of those details in terms of the action There
