Rudra Investment Commodity Market Expert Said Supply in the US increased the crude oil prices in the international market today. Brent crude was trading 0.40 percent lower at $ 71.44 a barrel around 12 o'clock on Thursday. Brent Crude is considered to be a benchmark for crude oil prices in nearly 75% of the world's share.
At the same time, US West Texas Intermediate (WTI) crude was trading nearly half a percent and was trading around $ 64.28 a barrel. This year, Brent has seen a 30 percent jump, while WTI has grown 40 percent. Talking about the domestic market, on Thursday, MCX was trading at Rs 4443 with crude oil futures of Rs 31 or Rs 0.70.
The expertise of Commodity Market Expert says that crude oil prices have declined due to the rise in crude oil production in the US and signs of softening in the global economy. According to official figures released in the US on Wednesday, crude oil stocks have increased by 7 million barrels in the past week. In this way, the production of crude oil in the US remains at a record level of 12.2 million barrels per day.
This is the first time since November 2017 when crude oil production reached this height. At present, crude oil production is the highest in the world. After US, Russia and Saudi Arabia are second and third in the production of crude oil. The US and Russia are not members of the OPEC while Saudi Arabia is a member of OPEC Club.
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