WTI Oil Holds Above $56 Per Barrel Ahead Of EIA Weekly Data

WTI Crude oil futures edged up near one week high today as buying remained in place. Oil rose yesterday after the American Petroleum Institute (API) reported that US crude inventories saw a drop of 3.5 million-barrel, falling for the first time in three weeks, according to media reports. Rising risk appetite this week pushed up crude and traders also focused on the renewed spell of unrest in Middle East. Brent futures jumped following a weekend attack on a Saudi oil facility by Yemens Houthi forces. The WTI Crude futures currently linger at $ 56.24 per barrel, up 0.20% on the day. MCX Crude oil futures currently trade at Rs 4039 per barrel, up 0.45% on the day. Oil traders are not focusing on the weekly US Crude oil inventories data to be released later on tonight.