Energy Preview: Crude Jumps 2% On MCX

A strong recovery in US stocks supported Crude oil after the futures tested near seven week lows. 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. This slide is still weighing on the commodity and the prices are currently quoting at just above $ 68 per barrel levels. MCX Crude ended at Rs 4618 per barrel, up 2% on the day and should give up some of these gains today.