Crude Oil
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28 International Energy Forum, he did not expect an agreement to come out of the consultations on the last day of the meet.He also said he did not think there was a need to significantly adjust or
cut supply and that Iran, Libya and Nigeria should be allowed to produce at maximum levels seen in recent history. On the MCX, oil prices declined by 3.5 percent to close at Rs.2975 per
barrel.
API inventory update (Private data)
The American Petroleum Institute (API) weekly inventory data recorded a draw of 0.75mn barrels in the latest week after the very substantial 7.5mn barrel draw previously. There was a further
substantial draw in gasoline stocks of 3.7mn barrels, the fourth successive week of draws above the 2.0mn level. This week, there was also a small draw in distillate of 0.3mn barrels while Cushing
inventories declined 0.8mn barrels.
