Crude Spikes As EU Lifts Air Travel Ban On African Nations

11 Jan 2022 , 04:18 PM

Crude oil saw some corrective selling amid weak US equities last night but supportive European data and intraday recovery in US stocks capped losses. WTI Crude is back in winning mode and currently trades up 1.43% at $79.35 per barrel. MCX Crude oil futures are trading at Rs 5868 per barrel, up 1.26% on the day. Market is eying the wider developments in terms of air travel and overall momentum remains firm for the counter. The European Union (EU) is lifting the air travel ban on southern African countries, according to France, which currently holds the unions presidency. The EU is following in the footsteps of the UK, US and others in reducing measures they had adopted to curb the spread of covid-19s omicron variant.

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