Crude Oil - Dec 16, 2020 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading marginally weak this early Wednesday afternoon trade weighed down by a surprise gain in crude oil inventories in the United States.
Crude inventories rose by 2 million barrels in the week to Dec. 11 to about 495 million barrels, according to industry group API. Official data due tonight and a poll suggests that the market is expecting a draw of 1.9 million barrels.
Markets sentiments also remained weak as investors continued to worry about demand for fuel amid tighter lockdowns in Europe to curb the virus from spreading further.