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MTECHTIPS:-MCX Crude Ends Highs Higher After Testing Lows Under Rs 2800

MTECHTIPS:-MCX Crude Ends Highs Higher After Testing Lows Under Rs 2800

MCX Crude oil futures edged up after falling under Rs 2800 per barrel mark as good recovery was witnessed in the counter following a massive jump in US stocks. The global crude oil prices recovered from their lowest levels in months on bargain buying and a moderate retreat in the US dollar. The Dow Jones industrial average jumped 241.79 points, or 1.4% to 17,615.17. It was the biggest gain for the blue-chip index since May 8 as the Dow recouped a big chunk of its 378 point loss that it racked up over 7 days in its longest run of losses in four years. WTI Crude oil futures also rallied around 2% following these moves though highs around $45 per barrel capped the metal in Asian trades today. Asian equities are trading mixed amid continued worries about Chinese economy. The WTI Crude is trading at $44.72 per barrel, down 0.53% on the day. MCX Crude oil futures ended at Rs 2860 per barrel yesterday after hitting highs near Rs 2900 per barrel. Further gains are likely only on a break above Rs 2900 today. Meanwhile, the US Federal Reserve is concerned about low inflation and won’t move before it sees inflation returning to more normal levels, said Stanley Fischer, the vice chairman of the US central bank. Further on the economic front, the Eurozone investor confidence index dropped to 18.4 in August from 18.5 in July, survey results from Sentix showed. The investor confidence weakened in August, thanks to the uncertainty regarding the Chinese stock market outlook and the dampened expectations for the economy in Asia excluding Japan. The current conditions index of the survey rose to 15.3 from 14.8 in July. The latest score was the highest since July 2011.
Futures market traders and large oil speculators slightly increased their overall bullish bets in WTI oil futures last
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