Weekly Crude Oil Review: Staggered Recovery In Oil

Crude oil futures stayed supported after rebounding from their recent lows on production worries in Venezuela. However, there is a possibility of some profit selling now as recent EIA data showed a build of 2.072 million barrels to 436.584 million barrels for the week ended June 1. Gasoline stockpiles also spiked 4.6 million barrels, while distillate stocks rose by 2.2 million barrels. WTI Crude futures closed around $ 65.60 per barrel mark while MCX Crude oil futures ended around Rs 4448 per barrel. Crude has been witnessed some buying after testing its two month low but the overall sentiments remain choppy. Generally sound global economic data and supportive equities are playing a helpful hand but its looks as if the commodity is looking at the emergence of some sort of pressure points in the global markets to get going towards $ 70 per barrel mark.