Energy Preview: Sharp Rebound In Crude Oil

WTI Crude oil gained impressively after testing $ 65 per barrel on bargain buying. Investors seem hopeful that the meeting between the US President Donald Trump and the North Korean leader Kim Jong Un will help ease geopolitical tension to some extent. WTI Crude oil futures had slipped as recent gains failed to extend and the counter dropped near $ 65 per barrel mark. 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. The commodity is currently trading at $ 66.19 per barrel, up 0.20% on the day. MCX Crude oil futures marked a steep recovery from lows of Rs 4375 per barrel and closed at Rs 4445 per barrel, up 0.54% on the day.