Crude oil stayed supported on bargain buying yesterday but soaring US stockpiles and output are likely to cap gains for the commodity. WTI futures are currently trading flat around $53.50 per barrel mark. MCX Crude oil futures closed up 1% at Rs 3586 per barrel. Selling pressure can reemerge in the counter around Rs 3600 levels today as traders look to book profits ahead of the weekend. 

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US crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015. Increased drilling activity in the Permian in Texas and New Mexico as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM) more than offset declining production from other regions in the fourth quarter of 2016. In the Permian, increases in the West Texas Intermediate (WTI) crude oil price, up from averaging near $30 per barrel (b) in the first quarter of 2016 to $45/b or higher beginning in the second quarter of 2016, contributed to new drilling. In the GOM, the projects that came online were sanctioned during the 2012-14 period.