Crude Rebounds 1% Ahead Of EIA Data

Crude oil edged up from recent lows as traders eyed at a recovery in global equities. Some bargain buying also supported the commodity ahead of the release of the weekly EIA Crude oil inventories data. Economic cues were mixed though and the possibility of large scaled gains looks limited for the commodity as the US dollar index is hovering around its eleven month highs. WTI Crude oil futures are currently trading at $ 65.53 per barrel, up around 1% on the day. MCX Crude oil futures are currently trading at Rs 4474 per barrel, up 1.24% on the day.

On the economic front today, the UK manufacturing order books recovered in three months to June, the Industrial Trends Survey from the Confederation of British Industry showed. A balance of 13% said order books were above normal and a 9% said export order books remained above normal. Australia leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, dropped to +0.11% in May from +0.83 percent in April, data from Westpac showed. Although the May update was the weakest since last September, the index growth rate still indicates that momentum is running above trend, Westpac said.