Crude oil prices regained momentum in the international market on Wednesday as the revival of the global equities and the decline of US dollar supported the commodity.
MCX Crude May futures contract is trading up Rs 51 at Rs 2550 per barrel. The counter topped out from 2558 earlier in the session up Rs 59 a barrel. The next resistance is at 2600 levels.
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NYMEX oil benchmark contract surged as high as $ 50.96 per barrel. It was last trading at $ 50.63 up 72 cents in the late electronic session today.
In currencies, the US dollar had a huge plunge, it fell more than 1% against both the Pound and the single currency. However it rose against the Japanese Yen as the revival of risk appetite in the equity markets boosted the carry trades and hence increased the outflow of Japan's currency in other countries.
