WTI Crude oil edged up amid the global central banking action but failed to hold onto its multi month highs of $100. The global Crude oil prices tanked to their seven-week lows yesterday amid weak economic data and the strength in US dollar though lows near $90 perked up buying. The commodity soared after the ECB and FOMC moves but slipped on global economic worries as the manufacturing data across the world continued to show a depressing pattern. Japan's exports dropped for a third straight month in the year to August as the slackening global demand is taking its toll on the export-heavy economy. The exports fell 5.8% in August from a year earlier. The trend in exports has been worrying in last few months and the overseas shipments had witnessed a drop of 8.1% in July - the sharpest fall in six months. Crude oil was also hurt after a weekly report showed a sharp rise in US supplies. The Energy Information Administration said US crude oil stockpiles rose by 8.5m barrels, significantly more than the 500,000 barrels markets had expected. Some of that increase was due to imports, which were up by 1.3 million barrels a day in the week ended September 14th to nearly 10m barrels a day. Prices recovered from lows near $90 to close just above $93 per barrel, down 3.32% on the fortnight. MCX Crude oil futures were hit on the double whammy of weak global trend and soaring Indian Rupee and fell sharply once Rs 5400 levels were broken. Prices tested low under Rs 5000 before witnessing some buying.
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