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Agri Commodity / Commodity tips / Crude oil update / Gold Report

MCX NCDEX Tips, Oil prices sunk on Wednesday on doubts OPEC

Crude Oil Prices Oil prices fell on Wednesday on OPEC concern. WTI crude futures were at USD 57.72 a barrel during early hours. Meantime, US fuel inventory data is expected to release later today.

It is reported, WTI was pulled down by a notification from the API (American Petroleum Institute) late on Tuesday which indicated U.S crude inventories rose by 1.80 million barrels in the week to Nov 24 to 457.30 million barrels.

Oil prices have received a broad pick up this year, with Brent crude up by 40 percent since middle-2017. Brent crude futures were at USD 63.27 per barrel, down 0.5 percent.

OPEC sources announced on Tuesday that OPEC and Russia are likely to extend their supply cuts for the whole of 2018 but with an option to review the deal in June