MCX Crude oil futures are hovering around Rs 3550 per barrel mark after bouncing back after nearing to Rs 3500 per barrel at the end of the last week. The global prices seem to have found a very good support around $75 per barrel on Friday and currently trade at $75.86, up 47 cents from the previous close. The US dollar has lost a little in early moves today but the persistent worries on the global economic growth may keep the greenback supported. Asian equities are crawling up as the DOW futures lingered in green, currently trading up 16 points. Kansas City Federal Reserve President Thomas Hoenig warned Friday on the destabilizing effects of overly accommodative monetary policy, suggesting that zero interest rates were a dangerous gamble. The lone dissenter on the Federal Open Market Committee said during a speech in Lincoln, Nebraska, that keeping rates too low for too long would only lead to a repeat of the cycle of severe recession and unemployment in a few short years. The greenback quotes at 1.2786 after hitting a high of 1.2730 and crude may extend the rebound after a massive spate of losses, which took nearly Six dollar off the commodity. MCX Crude had plummeted to a low of Rs 3524 per barrel on Friday and closed at Rs 3537 per barrel in the next session. The counter quotes at Rs 3554 right now, up Rs 17 or 0.48% on the day. There is a possibility of more gains as long as Rs 3550 holds.

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