Crude oil futures are poised for their third consecutive weekly decline following a reaffirmation by US President Donald Trump of his intention to increase domestic oil production. However, crude prices showed signs of recovery on Friday morning.
As of 9:55 AM on Friday, April Brent crude oil futures rose by 0.34% to $74.54, while March West Texas Intermediate (WTI) futures gained 0.27%, reaching $70.80.
In India, February crude oil futures on the Multi Commodity Exchange (MCX) were trading at ₹6205, slightly down by 0.08% from the previous close of ₹6210. March futures also experienced a minor decline, down 0.06%, trading at ₹6206 compared to the prior close of ₹6210.
Trump’s comments on Thursday, aimed at boosting US energy independence, echoed his earlier stance on increasing crude oil production. This push to ramp up production is seen as an effort to drive down global oil prices, despite concerns over rising US crude inventories.
Recent data from the US Energy Information Administration (EIA) revealed a significant increase in crude oil stockpiles. For the week ending January 31, US crude inventories surged by 8.7 million barrels, far surpassing market expectations of a 2 million barrel increase. The American Petroleum Institute (API) had projected a rise of 5.025 million barrels during the same period.
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