Crude oil futures surged near $ 74 a barrel supported by the fall in the weekly inventories data released yesterday.
Oil stockpiles declined 1.4 million barrels in the week ended May 28, The American Petroleum Institute reported on Wednesday. Gasoline inventories declined by 962,000 barrels, the API reported. Crude oil settled marginally higher on Wednesday, at $72.86 a barrel.
Solid gains in Asian equities and losses in US dollar are also boosting the dollar denominated assets excluding gold. The single currency was trading at 1.2304 up 0.0055% against the dollar.
NYMEX light sweet crude oil futures are up 77 cents at $ 73.63 per barrel in the Asian electronic trades today.
MCX crude futures are trading marginally lower pressured by gains in the Rupee. The Indian rupee appreciated by 39 paise to 46.59 a dollar in early trade today on the back of fresh capital inflows by foreign funds into equities. The June oil futures contract is down Rs 5 at Rs 3451 per barrel. The traders may buy it with target of Rs 3470 and Rs 3490 and stop loss of Rs 3440-35 levels.
