MCX Crude Oil News

MCX Crude oil futures are trading with steady gains today as the global WTI futures consolidated above $92 per barrel.. The global equities are in a positive mode today on strong US industrial output numbers and reports that Spain is mulling a request for a line of credit from the European Union. Euro jumped to near one month high above 1.3100 levels against the US dollar today and the WTI futures are quoting at $92.36, up 28 cents per barrel on the day.

In economic news, US industrial output rebounded a bit in September after a steep drop in the prior month when Hurricane Isaac took a toll on oil output, the Federal Reserve reported Tuesday. US industrial output edged up 0.4% in September after a revised 1.4% drop in the prior month, originally reported as a 1.2% decline.

The US stocks rallied impressively last night and helped WTI futures scale up from its lows. The counter is quoting up above $92 per barrel right now as the European markets trade with little gains. MCX Crude oil futures are trading at Rs 4881, up Rs 22 per barrel on the day, with a 9.80% gain in the open interest. The prices have been almost stagnant during afternoon trades.