Crude Prices Hold Around $88/bbl As Deliveries Progress From Oil Tankers In The Red Sea | CNBC TV18
[Music]
you’re watching Power breakfast with us
on CNBC TV1 18 and as promised Manisha
Gupta now joins in with all the updates
from the commodity space good morning
Manisha what are you picking up this
morning hi Aros I’m looking at the crude
oil prices because we’re holding around
$88 a barrel yet again well the decline
in US dollar definitely has done its bit
but the markets are now waiting for the
US GDP and the PC data for inflation and
rate cut cues from the US in the
meanwhile the street is also looking at
a very big draw in the US inventories to
the tune of almost 6.4 million barrels
and that has been supportive but then
again there is low expectation of
military escalation between Iran and
Israel and the oil tankers which were
held idle at Red Sea are now progressing
in deliveries so the markets are faced
with contradicting fundamentals here but
when it comes to the metals as a sector
we still are looking at good cues from
this one the copper continues to hold
around twoyear highs ion or has
rebounded to a six we highs you have
aluminum prices TR at 15mon high zinc
holding at a oneyear highs so the metal
pric is yet another week where they
would be closing in the
positive thanks a lot Manisha for all
the cues from the commodity space but
with
Oil held a modest decline, with a risk-off tone in broader markets countering a drawdown in US stockpiles.
Brent crude traded near $88 a barrel after a 0.5% drop on Wednesday, with West Texas Intermediate close to $83. The drop came despite data showing nationwide crude inventories fell by a bigger-than-expected 6.37 million barrels last week as refineries ramped up processing and exports rose.
#crudeoil #crudeoilprices #brentcrudeprice #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday
Read web story: https://www.cnbctv18.com/market/oil-holds-modest-loss-as-risk-off-tone-counters-lower-stockpiles-19401935.htm
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