The WTI Crude oil futures moved out of a range today and saw good buying support. The commodity is currently up 1.20% at $60.03 per barrel. Equities are showing cautious moves in Europe after a drop in Asia. However, major gains are unlikely in oil given the continued rise in the US rig count. The US oil and gas rig count is up two from last week at 432 rigs, latest data from Baker Hughes showed. A year ago, 602 rigs were active. The count shows that 337 rigs sought oil, unchanged from the previous week, and 93 explored for natural gas, up two from the previous week. MCX Crude oil futures tracked global cues and spiked 1.50% to trade at Rs 4501 per barrel. Local futures saw more upside as Indian Rupee fell today. The INR ended at 75.05 per US dollar, down 32 paise on the day.
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