Crude oil had a sideways trading session today. The commodity prices eased in Asia after gaining sharply in the last session in tune with the US stocks. However, the losses were again cut short in the London trades as the markets awaited the ECB interest rate decision. WTI Crude closed up $1.99, or 2.77%, to settle at $73.91 after hitting a high of $74.48. The prices are currently trading at $73.65, down 26 cents on the day. Asian stocks mostly gained today, adding to the yesterday's upside nudge. Sentiments were lifted by smart gains on Wall Street in the previous session. Strong manufacturing data from China and the United States revived risk appetite. Asian auto sales soared in August while US auto sales, though plummeted at a seven month low, were not as bad as were feared by the markets. The US markets logged substantial gains as data showing a pickup in manufacturing activity in both the U.S. and China recharged some hopes of a continued economic recovery. The US Manufacturing activity expanded at a faster pace in August, according to a report released by the Institute for Supply Management yesterday. The ISM said its index of activity in the manufacturing sector rose to 56.3 in August from 55.5 in July. Employment growth in the manufacturing sector also showed a radical increase compared to the previous month, according to the report. The employment index rose to 60.4 in August from 58.6 in July. Crude was given a big push last night and it looked that the markets were done with the rise at least for now. The commodity hit a high of $74.19 per barrel and slid under $74 per barrel again. The counter was last seen quoting at $73.58, down 33 cents on the day. MCX Crude oil was seeking direction throughout the day trades, moving in a range of Rs 3488-3454 per barrel. The counter was last seen quoting at Rs 3455, down Rs 35 or 1% on the day with 10% increase in the open interest.

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