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Oil Extends Rally amid Inventory Data and OPEC Meeting
(28-Mar-2024, 13:33 Hours IST)
Oil climbed toward $82 per barrel in electronic trades Thursday, extending the rally for second straight session following the release of the EIA report, which showed a smaller-than-expected weekly increase in US crude inventories compared to the API data. US crude stockpiles rose by 3.165 million barrels last week, significantly lower than the 9.337 million barrel increase reported by the API. Investors are also focusing on supply-side issues ahead of an upcoming meeting by the OPEC Joint Monitoring Ministerial Committee. Additionally, market participants are awaiting the US PCE price index report on Friday for insights into the Federal Reserve's approach to interest rates. MCX April crude oil futures were trading higher at Rs 6814 per barrel.

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