Crude oil turns up, MCX futures spike 1%

WTI Crude oil futures are witnessing choppy moves as thin volatility ahead of the year end is limiting the overall action. The market remains fixated on Chinese demand trends and lows under $69 per barrel have seen sustained buying in last one week. The counter currently trades at $69.70 per barrel, up 0.66% on the day. The oil traders are also looking at this week?s US Energy Information Administration (EIA) weekly petroleum status report which is scheduled to be released on December 27 and will show data for the week ending December 20. The MCX Crude oil futures are trading at Rs 5960 per barrel, up 1% on the day as sharp losses in the Indian Rupee have pushed up the counter even more intensely.

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