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Commodity Mid Session News

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(20 Mar 2025, 13:16)

Middle East tensions and US inventory data push WTI Crude oil above $67 per barrel

WTI Crude Oil futures climbed above 67 per barrel on Thursday, fueled by heightened Middle East tensions and bullish US inventory data. Israel resumed its Gaza offensive, ending a nearly two-month ceasefire, while US forces intensified strikes on Houthi targets in Yemen after Red Sea attacks, with Trump vowing consequences for Iran. The US EIA reported a drop in distillate and gasoline inventories for the week ending March 14, although crude stockpiles rose by 1.7 million barrels. Hopes of a Ukraine ceasefire hinted at eased Russian sanctions, which could impact supply. Meanwhile, the FOMC reaffirmed two rate cuts for 2025 but trimmed US GDP growth forecasts and raised inflation projections. MCX April expiry oil futures traded slightly higher at Rs 5825 per barrel.
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