WTI Crude sees modest gains as equities bounce

WTI Crude oil futures are witnessing a steady upmove today after witnessing volatile trades in last session. WTI Crude Oil futures slipped below $70 per barrel on Friday, testing a one and half week low as a strong US dollar weighed on the dollar-denominated commodity. Crude prices are heading for a modest yearly drop, constrained by weak demand from China, rising production in the Americas, and potential sanctions on Iran and Russia. The counter edged up from the lows though as firm action in the US equities capped losses. This bounce has extended in Asia today as the counter currently trades at $69.79 per barrel, up half a percent on the day. MCX Crude oil futures ended marginally higher on Friday but saw hefty cuts in open interest and volumes. The counter currently trades at Rs 5963 per barrel, up 0.25% on the day after hitting a high of Rs 5967 per barrel.

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