Crude Oil made Record high After Six-Year

Crude oil was mixed during the Friday’s Asian session as West Texas Intermediate grade rose a little while the Brent grade dropped. Yesterday, prices demonstrated the biggest one-day gain in six years. WTI oil jumped $3.96 (10.3 percent) and Brent surged $4.42. MCX Sep Crude oil; saw some short covering in the counter by violating its falling trend-line resistance at 2674 levels and surged almost 7% on daily charts. Further recovery can be possible towards 2856 & 2910 levels, where as an immediate support pegged at 2753 levels.Futures advanced as markets stabilized after China’s scare on Monday. The Asian nation took measures to stimulate its economy, and such steps were welcomed by investors as proved by the rally of global stocks. Additionally, US economic growth in the second quarter of 2015 exceeded expectations, promising more demand for fuel and energy. Last but not the least, market participants were speculating that an interest rate hike from the Federal Reserve is highly unlikely in September, and such talks encourage speculators to buy riskier assets.