MCX Crude Bounces Nearly Rs 100 Per Barrel In Intraday Moves

6 Jan 2022 , 03:04 PM

Crude oil futures have seen a good recovery in intraday moves today as markets eyed recent bullishness in oil prices and firm US retail fuel market trends. The US Energy Information Administration (EIA) noted yesterday that rising crude oil prices and increased gasoline demand contributed to the average US retail price for regular grade gasoline increasing to $3.01 per gallon (gal) in 2021, the highest average nominal price since 2014. WTI Crude cut intraday losses and is back near $78 per barrel, up marginally on the day and holding near six week high. MCX Crude oil futures also tracked this movement and edged up after testing near Rs 5700 per barrel. The counter jumped nearly Rs 100 per barrel from these levels and currently quotes at Rs 5803 per barrel, down 0.43% on the day. The counter saw a heavy gap down opening today.

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