Crude attempts to stabilize after sharp drop in last session, up 4% for week

WTI Crude oil futures corrected sharply in last session, failing to sustain after recent rally as markets looked for more clarity on the US-Iran war. Oil tanked around 2% but seems to be steadying now amid firm risk appetite. The US stocks rebounded yesterday with gains led by AI chipmakers. Asian equities are also holding up and WTI Crude oil is currently trading at $72.01 per barrel, down 0.19% on the day. Oil is up around 4% this week. MCX Crude oil futures are currently trading at Rs 6845 per barrel, down 0.13% on the day. The counter has been volatile today after hitting highs around Rs 6930 per barrel in early morning trades. Open interest has dropped marginally.

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