WTI gets support as Public Bank of China infused near to $43 billion through repurchase program to reduce the cash shortfall and meet festival demand.
The commodity fell near to $93.66 on fall in industrial production at China but rebounded and rose by 1.06% and trading near to $94.68 at 1208 GMT. The commodity gained as ease of money may indulge investors to make long bets at low oil prices. China is the world second largest oil consumer and more liquidity is expected to support oil market.
Energy information Administration will release inventory data on Thursday that may further decide the oil prices. For the week ended 18th January oil stockpile fell by 7.7 million barrels from previous 2.7mn barrels.
At Multi Commodity Exchange of India crude oil is trading at Rs.5908 with the day high of Rs.5915 and low of Rs.5796 at 1208 GMT. In other international commodities British benchmark oil Brent is up by 1.38% and trading at $107.83, Natural Gas is trading at $4.537 up by 0.47% and Gasoline is up by 1.55% and trading at $266.09.