More Update www.ripplesadvisory.com.

Crude oil corrected heavily yesterday as elevated US inventories triggered a profit selling spree, pulling prices off their multi month highs. Crude-oil prices on Wednesday finished lower, snapping a three-session string of gains. West Texas Intermediate crude oil futures on the New York Mercantile Exchange pared 1.4%, to settle at $53.59 a barrel.

 The counter has edged up in Asia, adding nearly one dollar to reclaim $54 levels though the overall undertone now remains choppy ahead of the EIA weekly update later on today. MCX Crude oil futures closed down nearly 2% at $3598 per barrel yesterday. The counter should rise near its previous session high of Rs 3662 levels today. 

Crude oil has been well supported after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher ( than the existing 90%). Meanwhile, global commodity giant BHP Billiton also sounded upbeat on oil prices in its latest earnings release today. Crude oil prices trended higher in the first half of the 2017 financial year, particularly in the second quarter. OPEC reversed course on 30 November 2016 by agreeing to its first production cut since 2008 and the first cooperative deal with non-OPEC producers since 2001. These developments, and improving fundamentals, led to the price recovery.