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  • MTECHTIPS:- Energy Preview: MCX Crude Drops Rs 100 In Intraday Moves Yesterday

MTECHTIPS:- Energy Preview: MCX Crude Drops Rs 100 In Intraday Moves Yesterday

MTECHTIPS:- Energy Preview: MCX Crude Drops Rs 100 In Intraday Moves Yesterday

MCX Crude oil futures dropped around Rs 100 per barrel in intraday moves as the global prices slipped to fresh four month lows amid strong undertone in US dollar. U.S. crude stocks fell last week, while gasoline and distillate inventories rose, data from the Energy Information Administration (EIA) showed on Wednesday. Crude inventories fell 4.41 million barrels to 455.28 million in the last week. However, the Gasoline stocks rose by 811,000 barrels while Distillate stockpiles, which include diesel and heating oil, rose by 709,000 barrels. Traders also eyed the weakness in US equities and WTI crude settled around $45 per barrel. The counter currently quotes at the same level. MCX Crude oil futures ended at Rs 2888 per barrel and would stay pressed in intraday moves as selling pressure is likely to emerge on rallies.
Atlanta Fed chief Dennis Lockhart, a voting member at the US. central bank’s policy committee, also said it would take significant deterioration in the US. economy for him to not support a rate hike in September. The greenback hi
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