Energy Preview: Supportive Asian Stocks Could Cap Slide In Crude

Crude oil futures sustained losses in Asian trades today as the commodity stayed slippery following the recent slide from four year highs. WTI Crude oil futures extended their heavy slide to test around seven week lows today as follow up selling took a massive toll on the commodity. WTI Crude oil futures witnessed a steep drop on Friday after recent gain on ideas that OPEC and Russia considered easing supply curbs following an expected drop in Iranian exports. Russian Energy Minister Alexander Novak Alekperov welcomed the OPEC Secretary General and his delegation and expressed his support for the Declaration of Cooperation, noted the oil cartel. This proved to be a major trigger for a slide in oil and WTI futures slumped below $ 70 per barrel, falling more than 4% in a single session. The commodity has added to these losses and currently trades at $ 66.78 per barrel, down 1.60% on the day. MCX Crude oil futures also succumbed to this pressure and closed at Rs 4504 per barrel, down 2% on the day. However equities are mostly supported in Asia and could offer some support to the commodity.