Lukewarm Movement In Oil

Oil futures traded in tapered range of $93.84-93.81 a barrel in the session so far today. Lack of news in the markets and lessened trading volumes as the western region New Year and Christmas holiday season resulted in a very lukewarm movement in crude oil.

Crude oil for delivery in January has hardly changed, trading at $93.6 per barrel up around 30 cents in the late electronic session. The counter is expected to trade in the range of $91.90-95 is the US floor open outcry session today. The US markets remain closed tomorrow on account of the Christmas.

MCX oil futures for the benchmark contract are at Rs 3675 per barrel in the after hours electronic session. It should trade in the range of 3645 - 3705.