Adversitement
Crude Oil Futures Trade Lower Despite Tight Supply Outlook
Published On : 2024-03-19T10:46:08+0530 [ IST ] |
Author : Mayur_Tembhare
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Key Points:
- Crude oil futures traded lower on Tuesday morning, with May Brent oil futures at $86.73 and May crude oil futures on WTI at $82.03.
- Russia is expected to increase oil exports by almost 200,000 barrels a day in March, according to a Reuters report.
- Recent drone attacks on Russian refineries by Ukraine have impacted fuel production, potentially leading to increased crude oil exports.
- Iraq plans to cut crude oil production to 3.3 million barrels a day to compensate for exceeding its OPEC quota.
- Saudi Arabia saw a decline in crude oil exports to 6.297 million barrels a day in January.
- Market awaits the conclusion of the US Federal Reserve meeting, with expectations of unchanged interest rates.
- Other commodities such as natural gas, castorseed, and kapas futures showed mixed trading patterns on commodity exchanges.
Source : Reuters report, market data from Multi Commodity Exchange (MCX) and National Commodities and Derivatives Exchange (NCDEX).
Tags : Russia , crude oil futures , natural gas , Saudi Arabia , commodity exchanges , US Federal Reserve meeting , Iraq , castorseed , tight supply outlook , kapas futures. ,
Summary : Crude oil futures traded lower on Tuesday morning, despite a tight supply outlook from major oil producers such as Iraq, Saudi Arabia, and Russia. May Brent oil futures and May crude oil futures on WTI (West Texas Intermediate) both experienced slight declines. Russia is expected to increase its oil exports in March, according to a Reuters report. The recent drone attacks on Russian refineries by Ukraine have impacted fuel production in Russia, potentially leading to increased crude oil exports. Meanwhile, Iraq announced plans to cut crude oil production, and Saudi Arabia saw a decline in crude oil exports in January. Market sentiment is also influenced by the upcoming conclusion of the US Federal Reserve meeting, with expectations of unchanged interest rates. Additionally, other commodities such as natural gas, castorseed, and kapas futures showed mixed trading patterns on commodity exchanges.
Adversitement