Category: AccurateCommodity

Crude oil dropped pressured by lacklustre economic activity in China..

Crude oil faced a decline of -2.55%, closing at 6313, largely influenced by sluggish economic activity in China, a key importer of crude. The Energy Information Administration (EIA) reported an unexpected increase in U.S. crude stocks by 1.2 million barrels to 420.7 million barrels for the week ended January 26, contrary to market expectations. Gasoline inventories rose by 1.2 million barrels to 253 million barrels, while distillate inventories, encompassing diesel and heating oil, fell by 2.5 million barrels to 133.3 million barrels, against the anticipated 0.4 million-barrel drop. 

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