WTI Crude oil futures are quoting steady today as investors eyed a mildly bullish undertone in the global equities and the recent gains kept buying under check. The markets on the whole remained more or less in a range ahead of the US FOMC meet and a weak German retail sales data and persistently high unemployment rate in Eurozone suppressed the upside for oil. 

Retail sales in Germany declined for the third month in a row in June. Retail sales dropped 0.1% in June compared with May in price, seasonally and calendar-adjusted terms, according to provisional figures by the federal statistics office Destatis. The Eurozone unemployment stood at a record high in June as firms were forced to cut jobs to reduce expenditure amid slowing demand ensuing from the sharp economic slowdown. Meanwhile, inflation in the currency bloc remained above the European Central Bank's target in July.

WTI Crude oil futures topped a one-week high of $90.85 per barrel yesterday before trending lower and topped out at $90.26 per barrel today. The counter currently trades at $90.18, up 40 cents on the day. MCX Crude oil quotes at Rs 5016, up Rs 38 per barrel on the day. Prices managed to break above Rs 5000 early in the day and have been well supported on the INR weakness.

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