MCX Crude spikes after testing lows around Rs 5700 per barrel

MCX Crude oil spiked impressively today as weakness in INR clubbed with sustained upmove in global prices pushed up the counter from lows near Rs 5700 per barrel. The WTI Crude oil futures gained after testing a two-week low in last session amid mostly supportive global equities. Chinese Shanghai Composite index added 0.37%. Hong Kong's Hang Seng index eased 0.08%. Japanese NIKEEI index gained 0.57% to approach two-week high. European stocks edged up marginally amid optimism over a potential trade deal between the United States and the European Union. Yesterday, the US stocks gained in last session. The Dow advanced 0.5% while the Nasdaq and the S&P 500 rose 0.3% each. WTI Crude currently quotes up 1% at $67.05 per barrel. MCX Crude is trading at Rs 5762 per barrel, up 0.86% on the day. INR tanked lost 15 paise to settle at 86.07 against the US dollar today.

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