Crude rose today on bargain buying as markets eyed OPEC meet and pushed up long bets after recent declines. WTI Crude oil futures were hit yet again in the last session, tanking more than 5% to test a four month low under $65 per barrel on concerns that the Covid-19 vaccines are likely to be less effective against new variant Omicron.

Good bounceback was seen in the counter today, pushing it up near $70 per barrel. Asian stocks jumped after latest losses. Chinese benchmark Shanghai Composite index rose 0.36%. Hong Kong’s Hang Seng jumped 0.55%. The Japanese Nikkei index added 0.34%. European stocks moved up on bargain buying with major indices jumping more than 1%. The MCX Crude oil futures closed down more than 8% at Rs 4884 per barrel, breaking under the key Rs 5000 per barrel mark. WTI Oil has edged up today and currently trades up 4.30% at $69 per barrel. MCX Crude is also up 6% at 5193 per barrel.

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