Categories: Business

crude price at five month high as us crude stock fall


crude price at five month high

new Delhi. Crude oil prices touched a 5-month high in Wednesday's trade. This jump in prices has been witnessed due to sharp fall in crude stocks in the US and weakness in the dollar. However, experts are uncertain about any recovery in demand given the rise in the spread of the corona epidemic. Due to which there is a doubt about the price rise going forward.

Brent crude prices touched an all-time high of $ 46.23 a barrel in Wednesday's trade. In the previous session, prices had closed at $ 44.43 per barrel. WTI crude prices during trading reached an all-time high of $ 43.52. Crude closed at $ 41.7 a barrel on Tuesday. This increase in prices is due to a decrease in crude inventories. According to the American Petroleum Institute, in the week ending August 1, crude stocks in the US decreased by 86 million barrels to 52 million barrels. Earlier, market experts were estimating a shortfall of 3 million barrels in stocks. Official data related to crude oil stocks will be released today. At the same time, the weakness in the US dollar has also affected the prices of crude.

According to market experts, the current rise in prices may be limited. If the corona virus epidemic continues to rise, demand for crude oil may increase over time. Considering the current indications, experts are assuming that there is little chance of any fast recovery in demand for the next few times.

This post was published on August 5, 2020 7:07 pm

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