MUMBAI (Commodity Online): Crude Oil futures paired its last session’s sharp gains Thursday. However, the losses were limited short in London trades as the markets awaited the ECB interest rate decision.

WTI Crude closed up $1.99, or 2.77%, to settle at $73.91 after hitting a high of $74.48. The prices are currently trading at $73.65, down 26 cents on the day.

MCX Crude oil was seeking direction throughout the day trades, moving in a range of Rs 3488-3454 per barrel. The counter was last seen quoting at Rs 3455, down Rs 35 or 1% on the day with 10% increase in the open interest.

Crude was given a big push last night and it looked that the markets were done with the rise at least for now. The commodity hit a high of $74.19 per barrel and slid under $74 per barrel again. The counter was last seen quoting at $73.58, down 33 cents on the day.

Crude oil rose rebounding after two straight lower settlements as strong manufacturing data from China and the United States revived risk appetite and countered recent concern about tepid oil demand.

The encouraging economic data and weaker dollar helped offset the government's weekly inventory report that showed U.S. Crude Oil stocks rose more than expected last week. U.S. Energy Information Administration data showed crude oil stockpiles rose 3.43 million barrels last week.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook