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MCX Crude oil futures witnessed a good recovery as bargain hunting and persistent worries over Middle East supported the sentiments in an otherwise weary day in the world markets. The Iran's President reportedly called Israel a nuclear-armed fake regime shielded by the United States, prompting Israel's UN ambassador to walk out of a high-level UN meeting promoting the rule of law. This ensured that WTI Crude edges up by nearly one dollar after the sell off in last session.

The US dollar slipped slightly after hitting its near two-week highs yesterday. The Dollar has edged up this week, broadly maintaining its positive movement from the lowest level in five months as global equities retreated after the recent enthusiasm following an array of week economic data last week and Spain reportedly stated that it is in to rush to seek outside financial aid.

The Eurozone economies worries continue to hurt sentiments in world markets. The German Ifo index, a key gauge of business confidence, dropped for a fifth month in a row in September, data out yesterday showed. The companies surveyed are again less satisfied with their current business situation. They also expressed greater pessimism about the future. Greece faces a budget shortfall of about 20 billion euros ($26 billion) to satisfy international conditions for emergency aid, almost double previous estimates, German magazine Der Spiegel reported Sunday, according to media reports.

WTI Crude had slipped to lows near $91 last night before recovering and jumped to highs above $93 per barrel today as the Iran-Israel row topped the headlines. The commodity quotes at $9316 per barrel right now, up $1.16 per barrel on the day. MCX Crude oil futures for October are trading at Rs 4968, up Rs 66 per barrel or 1.36% on the day with 2.80% drop in the open interest- indicating that some short covering is taking place after the yesterday's sell off. Prices had closed to lows of Rs 4902 per barrel yesterday.

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