WTI crude at 9-month high, escalating worries: Mecklai
According to Mecklai the crude stockpiles have been on a decline in the US which indicates that fresh demand may come and further drive the WTI prices higher. The crude oil inventories reported by the Energy Information administration is to be released later today which would probably show a decline in the stockpiles.
June 19, 2013 / 18:33 IST
Mecklai graph of the day: Escalating worries
Limited supply of Black Gold calls for the need to optimize the available resources. The demand for oil has been ever increasing and any disruption in the supply of this commodity sends jitters across the globe.The below graph is an illustration of WTI prices and the Crude Oil Inventories in the US. The WTI Crude has risen to a nine-month high amid persisting tensions in Syria. The conflict rose as President Obama authorized lethal military aid to rebel groups in Syria. Speculation that conflict in Syria may spill to other parts of the oil producing region of the Middle East is keeping the WTI prices afloat. Though Syria is not a key global oil supplier, the possibility of the clash spreading into larger oil producing regions has spurred worries.The crude stockpiles have been on a decline in the US which indicates that fresh demand may come and further drive the WTI prices higher. The crude oil inventories reported by the Energy Information administration is to be released later today which would probably show a decline in the stockpiles.The below graph shows the US crude stockpiles and movement in the WTI crude since last 1 year.
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