WTI Crude Holds Above $87 Mark

31 Jan 2022 , 06:16 PM

Supportive risk sentiment in equities kept Crude oil elevated today. WTI Crude oil futures are currently trading up 0.60% at $87.30 per barrel. Firm cues from US markets supported Asian stocks today. Hong Kongs Hang Seng gained 1% while Japanese Nikkei index also rose by similar magnitude. Chinese markets are closed for Lunar New Year holiday. European stock markets mostly stayed supported with decent gains emerging in German equities. The US stocks ended higher for the extremely volatile week. For the week, the Dow rose by 1.3%, the S&P 500 edged up by 0.8% and the Nasdaq inched up marginally. Oil has managed to hold on despite recent burst of volatility in equities and stabilizing stock markets are now pushing the commodity towards its seven year high yet again. MCX Crude oil futures are trading at Rs 6534 per barrel, down marginally on the day as a firm Indian Rupee capped gains.

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