MCX Crude Sees Hurried Correction In Afternoon

WTI Crude oil futures slipped further today as recent gains failed to extend and the counter dropped near $ 65 per barrel mark. Equities were mixed ahead of the key meeting between US President Donald Trump and North Korean leader Kim Jong Un tomorrow. WTI Crude oil also eyed weak Chinese imports data. Chinas crude oil imports dropped in May from the record-high in April. Chinas crude oil imports in May stood at 9.23 million barrels per day or 39.05 million mt, down 4.2% from the record high in April on a barrels per day basis, preliminary data released by the General Administration of Customs showed. The country had imported 9.64 million b/d of crude oil in April. Not much of buying is emerging in crude as traders refuse to enter long in bulk given the uneven global trade talks and rising US crude oil output. WTI Crude oil futures are currently trading at $ 65.02 per barrel, down 1.10% on the day. MCX Crude oil futures are currently trading at Rs 4390 per barrel, down 1.24% on the day. The counter witnessed a steep drop in afternoon with a break under Rs 4400 levels taking it to a low of Rs 4375 levels amid a hurried selloff.