Crude oil futures added decent gains to edge up towards their six-week highs today as a combination of weak US dollar and gains in stock markets supported the commodity. The Asian markets ended mostly higher today as buying support emerged on hopes of steady earnings growth and helped the major benchmarks recoup their losses from the previous session. However, the sentiments remained subdued as investors eyed the lack of credible action for raising the US debt ceiling. The US Treasury Department has said that a deal must be struck by August 2 or the United States would be at risk of temporarily not being able to meet commitments such as paying interest on debt, Social Security or paying government employees. The DOW fell in overnight trades, giving up 0.70% and safe havens like Gold and Swiss franc rallied. Indian equities turned the other way though as the central bank hiked the interest rates by a much wider 50 basis points. The Euro surged and DOW futures gained slightly in Asia, helping lift up the momentum. WTI Crude surged to a high of $99.80 per ounce and currently quotes at $99.63, up 43 cents on the day. However, the MCX Crude oil futures are quoting at Rs. 4416, down Rs. 4 on the day thanks to a massive rally in the Indian Rupee following the RBI rate hike. The partially convertible Indian currency edged up towards 44 mark against the US currency today, keeping a lid on the locally traded commodities.

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