Crude oil tumbles in Asia, MCX futures linger around Rs 8400 per barrel

WTI crude oil futures are witnessing volatile moves. The counter fell today after a near 5% jump in last session amid firm US equities. Oil had tumbled after the US-Iran talks offered hope for Middle East truce and a resumption in oil flows. However, a bounce in last session triggered some cautiousness in the oil market as traders assessed durability of US-Iran talks. Meanwhile, demand concerns weighed on sentiments after the US business activity slowed to an 11-month low in March. The preliminary S&P Global PMI data showed the Composite PMI fell to 51.4 from 51.9 ? testing 11-month low. Eurozone Composite PMI also declined to 50.5 from 51.9, a 10-month low. Oil pulled lower today after these cues and currently trades down 3.70% at $88.96 per barrel. The US weekly oil storage data is due to come out today, keeping the overall mood in the commodity choppy. MCX Crude oil futures are trading at Rs 8413 per barrel, down 3.70% on the day after testing a low of Rs 8430 per barrel following a downbeat opening today.

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