Energy Preview: Crude Hovers Around $68 In Asia

Crude oil futures stayed mixed after testing near one week low as steady buying emerged on strength in stock markets thereafter and the counter currently trades at $ 68 per barrel, down 0.30% on the day. MCX Crude oil futures closed at Rs 4556 per barrel, almost unchanged on the day. Weak Rupee has also turned a key factor for local crude futures off late.

US crude oil inventories increased last week ending April 20, and the refining sector fell 328,000 barrels per day from the previous weeks average, the US Energy Information Administration (EIA) said in a report on Wednesday. According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending April 20 increased by 2.2 million barrels from the previous week.

At 429.7 million barrels, US crude oil inventories are in the lower half of the average range for this time of the year. Total products supplied over the past four-week period averaged over 20.4 million barrels per day, up by 4.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up 1.3% from the same period last year.