Mumbai, Dec. 5 -- WTI crude oil futures are trading at $59.48 per barrel, down 0.30% on the day in early Asian trades on Friday, amid an increase in US crude oil stockpiles. Data released by the Energy Information Administration (EIA) on Wednesday showed that crude oil stockpiles in the US for the week ending November 23 increased by 574,000 barrels compared to a rise of 2.774 million barrels in the previous week. However, a December rate cut could drag the US Dollar lower and boost oil prices. Moreover, reports of attacks on Russian oil infrastructure by Ukraine raised the prospect of supply constraints, which could also support the commodity.
Published by HT Digital Content Services with permission from Capital Market....