The WTI Crude oil futures are witnessing some profit selling today as rising US output clubbed with continued demand concerns owing to a slowdown in global economic growth hurt the sentiments. However, the global equities are witnessing steady moves after British Prime Minister Theresa May survived a no-confidence vote in her government Wednesday after a stinging defeat in Parliament over her Brexit deal to leave the European Union. US stocks edged up for a second straight day as Goldman Sachs Group led a rally in bank stocks and China’s steps to bolster growth supported global equities.

This pick up in risk appetite can cap the downside for oil prices. The WTI Crude oil futures are currently trading at $51.96 per barrel, down 0.65% on the day. However, the MCX Crude oil futures are currently trading at Rs 3705 per barrel, up 0.52% on the day as the Indian Rupee extended its losing streak. The INR hit around four week low of 71.40 per US dollar as a break above 71 levels extended.

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