Crude oil futures posted steady gains on freezing weather across the northern hemisphere. Despite the gyrations in the equities, oil broke above $90 per barrel and consolidated as traders awaited for the US weekly inventories data from the department of energy. Asian equities mostly slipped lower after the yesterday's gains as fluctuating conditions in the Euro zone peripheral economies kept the sentiments suppressed ahead of the Christmas break. The overnight trades witnessed US stocks posting solid gains with the Dow adding 55.03 points or 0.5% to close at 11,533.16. However, this failed to have a spill over effect as Ratings agency Fitch's warned today that it may lower Greece's credit rating to junk status. The Bank of Japan (BOJ) maintained its economic assessment today, stating that the domestic economy still shows signs of a moderate recovery, but the recovery seems to be pausing. In its latest monthly report, the bank noted that Japan's economy is likely to grow at a slower pace for some time, but is expected to return to a moderate recovery path thereafter. The benchmark Nikkei 225 Index dropped 24.05 points, or 0.23% to close at 10,346.48 after hitting seven-month highs in the last session. Today, the US crude oil stocks are expected to fall further and so are the stocks of distillates, which include heating oil and diesel. The Light, sweet crude oil firmed up to fresh two-year highs of $90.37 a barrel and currently trades at Rs 90.33, up 51 cents from the previous close. MCX Crude oil futures also soared to a high of Rs 4067 but the appreciating Indian rupee kept the counter from hitting Rs 4100 per barrel today.

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