MCX Crude Updates by Money Maker Research

MCX Crude oil futures gained further today amid hopes that the global policymakers would continue to keep monetary conditions soft. A slowdown in the implementation of policy changes by governments that are needed to boost long-term growth prospects is "deeply concerning, the Organization for Economic Cooperation and Development said in a report published as finance officials from the Group of 20 largest economies meet in Shanghai. This means that the US Fed might just go easy on its monetary normalization pledge. Recent economic data has been rather dull as well and the Fed might not take the undue risk of raising rates further when the global economic trajectory is tilting towards downside.WTI Crude oil futures are finding this comforting. The commodity recorded handsome gains along with equities today and currently trades at $33.82 per barrel, up 2.30% on the day. MCX Crude oil futures also rose sharply, hitting their 6% daily limits to Rs 2334 per barrel.