Oil Trading Above $93 A Barrel

Crude oil futures are trading firm at $93 in the early Asian trades today. The trading volumes are expected to be thin for rest of the year as the Holiday season in the western world initiates.

Oil prices jumped on Friday buoyed by the surged in US consumer spending, raising hopes that the economy will weather the crisis roiling credit markets and that demand for oil and gasoline will strengthen. Oil futures settled at $93.31 up $2.25 a barrel on the New York Mercantile Exchange.

International oil futures are trading marginally lower at $93.06 down 3 cents in the early electronic session today. It is expected trading range is from $92-95 for today.

Domestic Crude oil futures are quoting at Rs 3660 down Rs 11. It may trade in the range of 3645 and 3720. A break of Rs 3645 may see the prices moving down to 3620.