(31 Mar 2025, 18:02)

WTI Crude oil futures hold around four week high depsite weak equities

WTI Crude oil futures are holding around four week high, currently trading up 0.40% at $69.64 per barrel as Israeli military has ordered evacuation of most of Gaza's southern city of Rafah. WTI Crude oil is consolidating near $70 per barrel, largely holding onto recent gains but witnessing some selling pressure amid weakness in global equities. Asian stocks slumped on Monday as investors braced for U.S. President Donald Trump's reciprocal tariffs beginning April 2. Chinese benchmark Shanghai Composite Index fell 0.5 percent to 3,335.75 – testing three week low. Japanese stocks melted today with benchmark index, Nikkei 225 losing 4.1% to 35,617 - testing around six month low. European stocks also plunged with German DAX and French CAC losing around 1.90% and 1.80% respectively. The global mood has been off today amid a deep cut in the US stocks on Friday. The Dow lost 1.7% while broader S&P 500 fell 1.97% in last session. The Nasdaq Composite slid 2.7% too, making it an outright negative session for the US equities. Meanwhile, on the MCX, Crude oil futures are trading up 0.10% at Rs 5950 per barrel after testing a high of Rs 5969 per barrel.

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WTI Crude oil futures hold around four week high depsite weak equities