Crude Oil futures prices are holding above Rs.5290/bbl in MCX platform with a marginal gain from yesterday’s closing.
Contraction in Japan’s industrial production, lower rate of growth in vehicle sales and dissipating tropical storm made oil prices to remain under pressure.
Most of the Asian equities closed in a lower note, whereas hopes from ECB bond buying have supported European equities to open in a positive note. Thus, recovery in equity market might be creating some support in oil prices.
Ahead of today’s economy symposium in Jackson Hole, concern of easing may continue to weigh on oil prices.
Thus, oil prices are likely to trade under pressure in rest of the day