Weekly Crude Oil Review: WTI Crude Consolidates Just Under $69 Per Barrel

WTI Crude oil futures saw volatile moves, falling near six week low before recovering on bargain buying and consolidated just under $ 69 per barrel mark. MCX Crude oil futures ended just under Rs 4700 per barrel mark. The US Energy Information Administration or EIA reported that US crude oil inventories had added 3.8 million barrels last week. At 408.7 million barrel, US crude oil inventories are about 1% below the 5-year average for this time of year, the Weekly Petroleum Status Report indicated. US refinery inputs averaged 17.5 million b/d for the week ended July 27, about 195,000 b/d more than the previous weeks average. Refineries operated at 96.1% of capacity. Gasoline production increased, averaging 10.5 million b/d. Distillate fuel production increased, averaging 5.2 million b/d. US crude oil imports averaged 7.7 million b/d, down by 21,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 8 million b/d, 0.4% more than the same period last year – highlighting strong US demand.