MTECHTIPS- CRUDE OIL WTI oil prices jumped 1.6 percent last week to close at $51 per barrel while MCX oil prices rose by 1.5 percent to close at Rs.3325 per barrel. Prices surged to hover near one month high levels as expectations of tightness in oil supplies supported an upside. The American Petroleum Institute, on Tuesday said U.S. crude oil inventories fell by 1.8 million barrels last week. We expect oil prices to trade higher today continuing its positive momentum from the previous trading session, international markets are trading higher by 0.6 percent at $51.3 per barrel. Oil markets will be supported by anticipation of drawdown in US crude stocks however, lower global risk appetite will limit upside.
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