WTI crude oil futures hold near one-and half-week high, equities support sentiments

WTI crude oil futures are holding near a one-and half-week high amid largely supportive equities. Oil rose yesterday despite a firm trend in the US dollar as markets grew cautious about the Russia- Ukraine war. The US president Donald Trump has given Russia a shortened deadline of 10-12 days to end the ongoing war. This pushed up the commodity by more than 2%. Oil traders also eyed strength in the US equities as the Nasdaq and the S&P 500 hit new record closing highs. Currently, the counter is quoting at $66.75 per barrel, up marginally on the day. MCX Crude oil is up impressively by 0.55% at Rs 5813 per barrel. The counter tested lows around Rs 5780 per barrel before edging up.

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