Amid the crisis due to the Saudi attack, there has been reports of increasing crude oil reserves in the US. This has softened the prices of crude oil. According to the report released by the US Agency for Energy Information Administration (EAI), during the week ended September 13, the US crude oil reserves have increased by 10.6 lakh barrels.
After the EAI report released on Wednesday, the pressure on the price of crude oil in the international market increased further and the oil prices in the international market fell. Crude oil futures also fell by more than two per cent in the Indian futures market.
According to the news agency IANS, in the September contract of crude oil on Multi Commodity Exchange (MCX) was trading at Rs 4,159 per barrel with a weakness of Rs 86, or 2.03 per cent, at 9 pm on Wednesday.
At the same time, on the international futures market Intercontinental Exchange (ICE) on Wednesday, Brent crude was trading 1.05 percent lower at $ 63.87 a barrel. US light crude West Texas Intermediate (WTI) was trading at $ 58.24 a barrel, down 1.46 percent in November futures.
According to the EIA report, crude oil reserves grew by 10.58 lakh barrels last week, while gasoline stocks increased by 7.8 lakh barrels.
Currently, pressure on oil prices has increased due to the increase in crude oil reserves in the US, but commodity market experts say that there is less possibility of higher softening in prices, because the rising tension in the Gulf region will support the price of oil.
Crude oil prices rose on Monday after 28 years after the Huti rebels attacked Aramco's oil installations in Saudi Arabia on Saturday.
