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Commodity Mid Session News

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(15 May 2025, 13:13)

Hot Commodities: WTI Oil sinks below $61 per barrel

WTI Crude oil prices crashed over 3 percent on Thursday, plunging below $61 per barrel, hit by renewed oversupply fears after US crude inventories surged. The EIA reported a 3.454 million barrel build in stockpiles last week, confirming earlier industry data showing a 4.3 million barrel rise. While gasoline and distillate inventories declined ahead of the summer driving season, it wasn’t enough to offset bearish sentiment. OPEC trimmed its 2025 non-OPEC+ supply growth forecast to 800,000 bpd from 900,000 bpd, yet its ongoing output expansion plans kept the market on edge. On MCX, May crude oil futures dropped sharply by over 3.5 percent, settling near ₹5228 per barrel.
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