MCX Crude oil futures for September opened on a slightly positive note as the prices rallied in the early Asian trades owing to bargain hunting and a pick up in the select Asian stocks. The US dollar is also trading slightly lower, easing off its six week lows of under 1.2700 against the Euro to quote at 1.2715 right now, pushing oil prices which are denominated in the US currency. The DOW closed in red on Friday, extending its recent slide but Asian markets hung in there, as expectations of decent performance from manufacturing firms in China pepped the sentiments up. Investors were also concerned if the massive slide in oil, which got crushed on rising US gasoline inventories and the strength in US dollar, was a little overdone. Stockpiles of the gasoline in the US have grown in seven out of the past eight weeks, rising 2.7 percent since the middle of June, according to Energy Department data. Motor fuel inventories usually hit a peak for the driving season in June or July. It was the first time since at least 1990 that they were at a seasonal high in August. WTI Crude for October rose above $74 to top a high of $74.30 per barrel. The counter currently trades at $74.20 per barrel, up 38 cents from the previous close. The DOW futures are quoting up by 15 points and there is a possibility the oil prices would gain further in case the equities race on. MCX Crude oil futures for September closed at Rs 3470 per barrel, after edging up to Rs 3477 per barrel on Saturday. Prices rose to a high of Rs 3486 per barrel and trade at Rs 3484, up Rs 14 per barrel from the previous close. Watch out for a break above Rs 3500 per barrel.

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