Improving risk appetite caps downside in oil prices, WTI crude back above $90 per barrel

WTI Crude oil futures cut losses after testing near three-week low. Oil plunged in last session as easing geopolitical tensions pulled the counter lower after a break under $100 per barrel. Reports that the US and Iran are open to further negotiations for a longer-term ceasefire helped cool some of the risk premium and WTI futures lost around 8% on the day. The counter fell under $90 per barrel today but firm risk appetite capped losses. The S&P 500 is now back near the all-time high and US dollar is weak near 98 mark, pushing up the oil prices in European trades today. The WTI Crude oil futures are currently quoting at $91.51 per barrel, up marginally on the day. MCX Crude oil futures also saw repeated support around Rs 8450 per barrel mark and moved into positive zone. The counter currently trades at Rs 8584 per barrel, up 0.15% on the day after witnessing a good intraday recovery.

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