MCX Crude Oil Tips Today: Crude Oil yesterday settled up by 0.79% at 5122 on rising Middle East tensions, while fresh movement restrictions imposed by countries to counter a surge in COVID-19 cases threatened the demand recovery.
Israeli jets struck what its military said were rocket launch sites in Lebanon early in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran.
Offsetting the Mideast tensions, concerns over the recovery of global oil demand grew amid a surge in coronavirus cases. Japan is poised to expand emergency restrictions to more prefectures while China, the world’s second-largest oil consumer, has imposed curbs in some cities and cancelled flights, threatening fuel demand.
U.S. crude stocks at the Cushing, Oklahoma, storage hub fell last week to the lowest since January 2020, Energy Information Administration data showed.
Crude inventories at Cushing fell to 34.9 million barrels, EIA data showed.U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said.
Crude inventories rose by 3.6 million barrels in the week to July 30 to 439.2 million barrels, compared with expectations for a 3.1 million-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 543,000 barrels in the last week, EIA said.
WTI extends correction, clings to modest daily gains above $69.50
Crude oil prices suffered heavy losses in the first half of the week and the barrel of West Texas Intermediate (WTI) lost nearly 8% during that period to touch its lowest level since July 21 at $67.59. However, the WTI managed to stage a rebound on Thursday and continues to push higher on Friday. As of writing, the pair was up 1% on the day at $69.75.
Demand dynamics hurt WTI
Earlier in the week, renewed concerns over the rising number of coronavirus cases in Asia crippling the energy demand recovery weighed on crude oil prices.
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Commenting on oil’s recent decline, “growing worries surrounding new mobility restrictions in China tied to the Delta variant, OPEC+ supply increases for August and weakening export activity all helped to drive WTI crude down,” said Bart Melek, Head of Commodity Strategy at TD Securities.
Meanwhile, the data from the US revealed that crude oil stocks increased by 3.6 million barrels in the last week of July, compared to market expectation for a decrease of 3.1 million barrels.
On the other hand, rising tensions between Israel and Iran seems to be helping WTI limit its losses. Later in the day, Baker Hughes Energy Services’ weekly US Oil Rig Count data will be looked upon for fresh impetus.
