Energy Preview: MCX Oil Falls 1%

Crude oil prices turned around yesterday after a latest spurt on media reports that US President Donald Trump administration has approached Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) producers to boost supply. However, there are worries that Venezuela could potentially suspend some crude oil exports and the sentiments seem to be in a fix right now for global oil markets. The WTI Crude oil futures are currently trading at $ 65 per barrel, up 0.46% on the day. The latest correction had pushed the commodity towards its recent seven week low. MCX Crude oil futures closed at Rs 4342 per barrel, down around 1% on the day with the strength in the Indian Rupee pulling the local commodities even more. Some selling was witnessed in the European stocks as European Central Bank chief economist, Peter Praet, indicated that the central bank could be approaching end to its quantitative easing program. He commented that signals showing the convergence of inflation towards our aim have been improving, in turn reflecting that the bank could decide as soon as next week to wind down its EUR30 billion-a-month ($ 35.09 billion) bond-buying program, which is credited for supporting a robust economic recovery in the 19-nation currency union.