Crude oil bounces after testing two-week low as firm Asian equities offer support

WTI Crude oil futures tanked on Wednesday amid a firm US dollar and signs of well-supplied market conditions globally. US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.2 million barrels from the previous week. This was in a stark contrast to the previous week?s decrease of 6.858 million barrels. Total commercial petroleum inventories increased by 0.6 million barrels last week. Oil gave away gains build on worries that US military may launch military strikes on Venezuela, which is the world's 12th largest oil producer. WTI Crude fell around 1.60% to test two-week low. However firm equities in Asia pushed up the counter and the commodity currently quotes at $60.26 per barrel, up 1.10% on the day. China's Shanghai Composite index jumped around 1% while Hong Kong's Hang Seng index rallied 2.12% Japan's Nikkei average also rallied 1.30%. MCX Crude oil futures are also up 1% at Rs 5360 per barrel.

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