WTI Crude oil futures rebounded yesterday on firm equities and excellent buying support. The WTI Crude oil futures are currently trading at $53.69 per barrel, up 0.37% on the day. Crude is currently hovering around three week top. MCX Crude oil futures jumped 3% yesterday and currently trade at Rs 3862 per barrel, up 0.31% on the day. Oil firmed up on supply worries, particularly the tensions in Libya that have led to a blockade of its ports and oilfields. The US sanctions on a subsidiary of Russian state oil major Rosneft to cut Venezuelan crude also weighed on the commodity.
Meanwhile, global economy is set for a fragile and shallow recovery and the coronavirus outbreak in China is posing a new threat to the outlook, the International Monetary Fund said Wednesday. Global growth appears to be bottoming out, but the projected recovery is fragile, IMF said in a surveillance note for the G20 finance ministers and central bank governors meeting. The projected recovery is expected to be shallow and subject to downside risks.
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