WTI Crude oil futures slipped from three month highs as weak equities weighed on the sentiments. Oil had rallied last week after media reports stated last week that Saudi Arabian Energy Minister Khalid al-Falih said that OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories. WTI Crude is currently trading at $ 64.72 per barrel, down 0.80% on the day. MCX Crude oil futures closed at Rs 4230 per barrel, down 0.35% on the day.
Strong gains have emerged in WTI Crude oil futures off late as a break above $ 60 per barrel extended. The Energy Information Administration (EIA) reported a decline in crude oil inventories of 2.6 million barrels for the week to March 16. Traders also eyed rising Middle Eastern tensions and an improvement in US economy. The US Federal Reserve announced its first interest rate increase of 2018 on strong labor market and strength in the broader economy. The Fed raised its benchmark interest rate by a quarter of a percentage point, to a range of 1.5% to 1.75%. Fed raised their forecast for 2018 GDP growth from 2.5% in December to 2.7%, and increased the 2019 expectation from 2.1% to 2.4%.