Crudeoil settled down -1.21% at 2607 as pressure seen after Rupee hitting a fresh two-year low, the Indian rupee staged a dramatic recovery on Tuesday, gaining +0.81 per cent to close at 66.10 per dollar. While Nymex Crude oil rebounded to end higher on Tuesday jumped 2.8 percent, to settle at $39.31 a barrel rebounded as China lowered its benchmark interest rates to boost its economy with most global equity markets recovering from the brutal losses in the previous session following the massive sell-off on China worries.
Crudeoil trading range for the day is 2561-2685.
Crude oil prices dropped as firmness in rupee weighed and global oversupply and worries over the severity of the economic slowdown in China weighed.
Fears over a global economic downturn, led by a slowdown in China’s economy have intensified in recent days, accelerating a selloff.
Global oil production is outpacing demand following a boom in US shale oil production and after a decision by the OPEC last year not to cut production.
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