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| MCX Tips |
Crude prices recovered on Wednesday after witnessing a sharp fall in previous session, though the trade remained volatile as Middle East unrest came on the forefront again after violent clashes in Bahrain and Yemen, near the top oil producer Saudi Arabia. Also, mounting concern over Japan's nuclear crisis and weak equities too weighed and limited the rise.
Meanwhile, US Energy Information Administration (EIA) showed gasoline stockpiles fell 4.17 million barrels last week. Distillate stocks also dropped more than expected, lifting US heating oil futures, while crude stockpiles increased more than expected.
Benchmark crude for April rose 80 cents, or 0.8 percent, to settle at $97.98 a barrel, after trading in a range from $96.22 to $99.60 on the New York Mercantile Exchange. In London, Expiring ICE Brent crude for April rose $2.10, or 1.94 percent, to settle at $110.62 a barrel on the ICE.
