WTI Crude oil futures extended losses yesterday as the US stocks saw choppy moves yesterday after witnessing their worst session of 2019 on Wednesday. Stocks tumbled as the US Treasury bond yield curve inverted for the first time since 2007, indicating that the bond markets are pricing in the possibility of a recession quite vehemently. This hefty slide had pulled oil down more than 3% in a single session and the sentiments continued to be jittery yesterday as well. The commodity rose in Asia though as equities edged up. WTI Crude currently trades at $55.12 per barrel, up 1.20% on the day. MCX Crude oil ended down 2.75% in last session to close at Rs 3926 per barrel after testing a low of Rs 3861 per barrel as a slide from highs above Rs 4000 per barrel extended.

The US Energy Information Administration reported a 1.6-million-barrel build in crude oil inventories for the week to August 9. This followed a rise of of 2.4 million barrels for the previous week. At 440.5 million barrels, the US crude oil inventories were about 3% above the five-year average for this time of year.

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