Crude oil futures recovered today and recaptured the $93 per barrel mark for the WTI variety despite uncertainty in world markets owing to the Greece referendum. The upside emerged as traders entered more long positions ahead of the weekly US inventories and the bounce from $90 shaped up for the WTI futures. Euro also gained slightly from lows of 1.3600 against the US dollar yesterday. Kuwait's Oil Minister Mohammad al-Baseeri said on Monday that world demand for crude oil is forecast to remain high and put pressure on supply even after Libya returns to pre-crisis production. Baseeri said that based on OPEC estimates, world market demand is forecast to grow by between 1.0 and 1.5 million barrels per day “for the rest of this year and the beginning of next year.” Crude jumped impressively last week after a breakthrough Eurozone sovereign debt crisis deal helped ease stubborn concerns that it could spark a new global recession. Prices are currently quoting at $92.98, up 79 cents on the day. MCX Crude futures are quoting at Rs. 4578, up Rs. 85 or 1.90% on the day.

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