WTI Crude oil futures saw steep selling pressure today as the global stocks started the week on a jittery note as a contraction in Chinese exports and concerns surrounding the ongoing US government shutdown kept investors cautious. However, Chinese crude oil data turned supportive for the commodity and the oil prices cut their intraday losses. WTI Crude recovered from a low under $50.50 per barrel and currently trades at $51.13 per barrel, down 0.91% on the day.

MCX Crude oil stayed in a range amid weak Indian Rupee and currently trades at Rs 3627 per barrel, down 0.14% on the day. The Rupee saw some selling pressure as the local stocks extended their drop. Poor economic data also weighed on the currency. Data showing a sharp drop in IIP in November 2018 also dented sentiment. The Rupee approached 71 per US dollar mark amid these cues.

Meanwhile, China's crude oil imports soared nearly 30% year on year to 10.35 million b/d in December, bringing total imports to 9.28 million b/d in 2018, up 10.1% year on year, preliminary data from the General Administration of Customs showed Monday. This was the second time China's monthly crude imports breached 10 million b/d and the figure was 1.2% lower than the record high of 10.48 million b/d in November 2018.

Broad economic undertone remains weak globally though. Organisation for Economic Co-operation and Development's (OECD) Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to easing growth momentum in most major economies.

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