Continued worries over the global trade frictions weighed on the Asian equities today and the WTI Crude also remained tense as a result. The commodity has slipped from a recent four year high and currently trades at $ 71.58 per barrel, down 0.36% on the day. MCX Crude oil futures are currently trading at Rs 4903 per barrel, down 0.20% on the day. Asian stocks mostly slipped after the US government launched a national security probe into auto imports that could lead to new tariffs and escalate the ongoing US-China trade conflict.
WTI Crude oil futures have dropped for a third session today. Prices eased yesterday after the US crude oil inventories, excluding the Strategic Petroleum Reserve, increased 5.8 million barrel for the week ended May 18, according to US Energy Information Administration data. The latest stockpiles estimate is 438.1 million barrel, putting oil in storage in the lower half of the average range for this time of year, the Weekly Petroleum Status Report indicated. The report also said total motor gasoline inventories increased 1.9 million bbl and are in the upper half of the average range. Finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased 1 million bbl last week and are in the lower half of the average range for this time of year.