Oil Recovers, MCX Futures Up Half A Percent

WTI Crude oil futures edged up after correcting heavily this week. Bargain buying supported the commodity as equities edged up in Asia and Europe today. Risky assets benefited on hopes that the potential trade talks between the US and China would be beneficial. The WTI Crude oil futures are currently trading at $ 68.75 per barrel, up 0.26% on the day. MCX Crude oil futures are quoting at Rs 4943 per barrel, up half a percent on the day after tanking from highs above Rs 5000 per barrel in last session.

Crude oil futures tumbled from near two month highs this week as the International Energy Agency or the IEA said that the global supplies hit a record of 100 million barrels a day. It also said that daily crude-oil output in the Organization of the Petroleum Exporting Countries climbed in August by 420,000 barrels a day, to average 32.63 million a day. IEA noted that as far as oil demand is concerned, following an increase of 1.4 mb/d in 2018, growth next year will be 1.5 mb/d.