As per MCX www.crudeoperator.com intraday research Mumbai base company report for :
Oil seesawed despite inventories jumped to a record weekly level
Data from the Energy Information Administration released Wednesday revealed a sixth straight weekly rise in US crude inventories, lifting
the total to an all-time high. Futures prices for crude, however, seesawed between modest losses and gains. Traders also held out hope that
continued production cuts by major oil producers will draw down global oil stockpiles. The EIA Wednesday said domestic commercial crude
inventories, excluding oil in the Strategic Petroleum Reserve, rose 9.5 million barrels to total 518.1 million barrels for the week ended Feb. 10. That
is a record weekly level, based on EIA data going back to 1982. The previous record was at roughly 512.1 million barrels for the week ended April
29, 2016. Gasoline supplies rose by 2.8 million barrels, according to the EIA, but they were expected to fall by 500,000 barrels, based on the S&P
Global Platts survey. Distillate stockpiles were down 700,000 barrels last week, compared with an expected decline of 1.25 million barrels.
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