MCX Crude oil saw a good recovery today, bouncing from lows near Rs 7600 per barrel as equities stabilized and oil traders resorted to some bargain buying after a carnage in last session. WTI Crude oil futures lost around 10% to test near $94 per barrel mark before witnessing some respite and currently trade at $96.61 per barrel, up marginally on the day. Prices tanked in last session as the EIA predicted gasoline demand in the US will hit 9.07 million barrels per day in July, which is 2.2% lower from the previous months forecast. The MCX Crude oil futures are currently trading at Rs 7698 per barrel, up 0.44% on the day, up around Rs 100 per barrel from early lows. Powered by Commodity Insights
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