Crude oil had a choppy trading week and ended with modest gains on weaker dollar, prospects of increasing demand from US, China and Europe, falling oil inventories and increase in refinery utilisation rate in the US, rise in China’s oil imports, vaccination drive across US and China are the current push factors at play for the black gold.
Crude oil jumped Rs 25, or 0.53 percent, during the week and rose during four out of five trading sessions on the domestic bourse.
The market initially shrugged off worries about the Colonial Pipeline shutdown and a potential US demand growth lent support.
The number of rigs drilling crude oil in the US increased by 8 to 352 for the week to May 14, the highest since April 2020, said Baker Hughes in a weekly report.
