WTI Crude oil under pressure on IEA release news

AHMEDABAD, 11 MARCH: WTI crude futures held below $85/bbl, after reports that the International Energy Agency proposed the largest release of oil reserves in its history, surpassing the 182 million barrels the group released in 2022 when Russia invaded Ukraine. Oil markets remained volatile amid mounting uncertainty surrounding the Iran war and shipping through the vital Strait of Hormuz. After Trump said that the conflict could end soon, US officials indicated that military operations were intensifying and the chances for diplomatic talks remained slim. Energy Secretary Chris Wright also mistakenly posted a message claiming that the US Navy had escorted an oil tanker through the narrow waterway near Iran, before the White House later clarified that no such operation had taken place. Major Middle Eastern producers have collectively reduced output by more than 6 million barrels a day as the Strait of Hormuz remains effectively shut. MCX Crude oil March is expected to drop to Rs. 7,200/bbl as WTI Oil is also trading with the bearish momentum in the international market. – By Mr. Jigar Trivedi, Senior Research Analyst at Indusind Securities

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