Crude Oil prices were firm on Monday, aided by a bounce in Asian stocks. Brent crude oil futures, Front-month, were at USD 77.63 per barrel, 1 cent above their last close. US (WTI) crude futures were at USD 67.65 a barrel, up 6 cents from their last settlement.
However, sentiment among investors remained wary after heavy losses last week. Sustained weakness in global stock markets continued to weigh on crude oil futures.
MCX Crude oil futures fell under Rs. 5,000 per barrel following the global correction. As per EIA reports, US crude oil inventories increased by 6.3 million barrel for the week ended October 19,
Over the last one month, crude oil imports averaged 7.7 million barrel per day, 0.7% more than the same period last year. Meantime, bargain buying to some extent is possible in the commodity after a near 10 dollar correction in the prices from their four year highs.