Crude oil dipped today, giving up after the gains in the last session as traders eyed a further round of monetary tightening from China, which would erode the demand for oil.
Prices surged yesterday as a flood crest flowed down the Mississippi river towards refineries in Louisiana and a jump in equities pushed up the oil futures. However, the prices failed to extend this rally today.
Asian markets mostly edged up, extending a bullish week as upbeat overnight cues from the US markets, rebound in commodities and a generally supportive sentiment for risky assets boosted buying.
Dollar managed to hold ground though, keeping upside limited for commodities today. WTI Crude oil dropped after its overnight gains, currently quoting at $103, down 88 cents on the day.
MCX Crude oil futures for May are quoting at Rs 4608, down Rs 2 on the day. Prices could slide further in evening trades if a clear break occurs under Rs 4600 levels. The counter has already recovered from a low of Rs 4601 per barre
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