Mumbai, June 12 -- WTI crude futures are moderating gains after a near 5% spike in the previous session to an over two-month high amid escalating US-Iran geo-political tensions. Meanwhile, crude oil inventories in the United States fell by 3.6 million barrels during the week ending June 6, according to new data from the U.S. Energy Information Administration. The American Petroleum Institute (API) reported a drop of 370,000 barrels in U.S. crude oil inventories, with a sizable build in gasoline and distillate stocks. For total motor gasoline, the EIA estimated that inventories increased by 1.5 million barrels for the week to June 6, with daily production increasing to an average 9.7 million barrels, from 9 million barrels in the week prior....
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.