WTI Crude Jumps, MCX Futures Above Rs 4200 Levels

WTI Crude oil futures rose impressively today, extending a rebound from around three week lows as supportive equities and good bargain buying lifted the sentiments. Global stocks edged higher after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row. European shares are trading higher, led higher by gains in Bayer after a report that the US approved its takeover of Monsanto, while a solid update from LVMH lifted luxury sector stocks. WTI Crude firmed up amid these cues, hitting near one week high. The counter currently trades at $ 64.64 per barrel, up nearly 2% on the day. MCX Crude oil futures tracked this well and currently trade at Rs 4201 per barrel, up 2.07% on the day.

Economic data was good today. UK permanent staff placements increased sharply in March, while temporary billing growth eased to a 13-month low, the Report on Jobs published by IHS Markit and the Recruitment & Employment Confederation showed Tuesday. There was a sharp growth in permanent staff placements with the pace of growth rising fractionally since February. However, temp billings grew at the weakest pace over a year. Demand for staff grew at the softest pace for 15 months due to a weaker upturn in temporary staff positions.