WTI Crude oil prices soared further to hit near a two month high last week as hopes of a firm demand supported sentiments. The crude oil futures consolidated thereafter in choppy trades to close the week just under $65 per barrel. MCX Crude oil futures approached Rs 4800 per barrel mark on firm global cues. Global trade outlook strong and the Baltic Dry Index (BDI), the key indicator for global dry freight rates spiked to 11-year high amid a surge in global commodity demand. The BDI is now up around highest level since June 2010. The Baltic Capesize Index - which is the main component in the BDI, accounting for 40% of the assessment and reflecting the 110,000-220,000-deadweight tonne segment - has more than doubled over the past month as well. Meanwhile, the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 30. This was the largest crude oil draw since January. At 485.1 million barrels, US crude oil inventories are about 2% below the five-year average for this time of year. The US crude oil refinery inputs averaged 15.2 million barrels per day during the week ending April 30, 2021, which was 225,000 thousand barrels per day more than the previous week's average.
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