MCX Crude oil futures are quoting in negative territory as the commodity quotes in red in the world markets and equities retreat after massive gains during last few days. The oil prices had dropped heavily in last session in New York and found it difficult to hold onto highs today amid weak shares and strength in US dollar. WTI Crude quotes at $95.65, down 97 cents per barrel on the day, sliding for a second day. WTI Crude oil tumbled nearly $4 at one point before closing down $2.38, or 2.4%, to settle at $96.62 a barrel in New York floor trades. The commodity witnessed a massive sell off after hitting its five-month highs and closed at its weakest level in a week yesterday. Global economic worries could keep the counter pressurized in the near term. World's top package delivery company FedEx stated today that the global economy is worsening and it's again cutting its forecast for the fiscal year ending in May. The company expects net income for the current quarter ending in November to fall well below last year's quarter. WTI Crude has a strong support at its 100 day EMA on daily charts- currently placed at $93.68 per barrel. MCX Crude oil futures are quoting at Rs 5198, down Rs 76 per barrel on the day or 1.44%. The counter is lingering around day's lows with a massive cutback of 23% in the open interest as the expiry looms across tomorrow.
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