Crude Oil Appraoches 84 Depsite Stock Builds

Crude oil traded with high volatility in NY session yesterday. The front-month WTI contract surged to as high as 83.76 ahead of the US inventory report as boosted by weakness in USD and rallies in stock markets. However, unexpected builds in crude and gasoline stockpiles damped appetite and price dived more than 1 dollar to 82.36. Nevertheless, correction in the dollar and draw in distillate inventory supported oil prices. Crude oil soared to an 11-week high at 83.85 before settling at 83.44, up +1.3%.

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Crude Oil Appraoches 84 Depsite Stock Builds