Brent Crude Oil Falls to 8-Month Low

MCX Crude oil August futures may slip to Rs 7500/bbl ahead of OPEC+ Meeting; Libyan Output Continues to Rise

WTI Crude oil futures saw the best week in nine and rose more than 4%, as tight supplies more than offset worries over an economic slowdown. Weak dollar index post the Fed meeting on expectations of less aggressive rate hikes coupled with better than expected inventory data aided the black gold. EIA crude oil inventories declined by 4.523 million barrels in the week ended 22nd July, the most in 8 weeks and four times more than forecasts for a 1.037 million barrel fall. 

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Crude Oil Prices

EIA Data Shows 8 Million Barrel Build in Crude Inventory – Gold Silver Reports

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending September 28, 2018, which was 77,000 barrels per day more than the previous week’s average. Refineries operated at 90.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.

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