Crude oil trying to stabilize around two and half month low

WTI crude oil futures are attempting to stabilize around two and half month low. Prices fell this week following signs of easing tensions between the US and Iran. Oil market is now wating for the weekly US crude inventory data update and is likely to see cautious moves after a near 17% collapse in this month. The commodity is currently quoting at $86.65 per barrel, up 0.80% on the day. Prices had dipped under $84 per barrel in last session. MCX Crude oil futures are quoting at Rs 8141 per barrel, up 0.56% on the day. Overall price action in volatile. MCX Crude oil futures lost 1.71% yesterday.

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