MUMBAI (Commodity Online): WTI crude oil prices in the global market rose on Thursday after the weekly US crude oil stock-piles data shown a fall.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 mn barrels from the previous week to 367.0 mn barrels, according to the weekly data released by the US Energy Information Administration (EIA) on Wednesday.
Also, the total motor gasoline inventories increased by 3.1 mn barrels last week and are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week
WTI crude oil futures for September delivery on NYMEX was seen trading up by 0.22% at $106.58 per barrel as of 06.15 PM IST on Thursday.
Meanwhile, Saudi Arabia, the largest crude oil exporter in the world shipped 7.79 mn barrels of crude oil per day in May, according to the Joint Organizations Data Initiative. The highest since June 2012 when it sold 7.84 mn barrels.
MCX Crude Oil
The trend in crude oil futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways to bullish for the day and traders are advised to take buy position.
?For intra-day, support for the commodity is seen at 6300 while resistance is seen at 6380. If prices break the level of 6380 then the prices are expected to move towards 6420,? said Amrita Mashar, Research Analyst at Commodity Online.
MCX crude oil futures for July delivery was seen trading up by 1.10% at Rs. 6364 per barrel as of 06.30 PM IST on Thursday.
In the United States, in the week ending July 13, the advance figure for seasonally adjusted initial claims was 334,000, a decrease of 24,000 from the previous week's revised figure of 358,000. The 4-week moving average was 346,000, a decrease of 5,250 from the previous week's revised average of 351,250, according to the data released by the US Department of Labor.
Brent crude oil futures for September delivery on NYMEX was seen trading down by 0.24% at $108.35 per barrel as of 06.16 PM IST on Thursday.
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