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| Mcx crude tips |
Mcx crude tips - Today, Crude oil prices fell into bear terrain during late morning trade as the sharp gains in the energy commodity on Friday when the fuel soared by over 7 per-cent, paved the way for profit booking by traders at existing levels as a sixth straight weekly gain in US oil rig count signaled higher production in the coming weeks, threatening to exacerbate a world-wide supply glut.
Moreover, a continued equity rout in China, the world’s 2nd-largest oil consumer, threatened to spread to other parts of the country’s economy, not boding well for the fuel’s demand prospects, weighing on prices.
After registering nearly a 10 per-cent combined gain in the past two trading sessions, China’s benchmark index, the Shanghai Composite, skid by over 1 per-cent on Monday amid speculation that the government may end its intervention to prop up stock markets.
At the MCX, September 2015 contract for Crude oil futures, is trading at Rs 2,986 per barrel, down by 0.63 per-cent, after opening at Rs 2,993, against the previous close price of 3,005. It reached an intraday low of Rs 2,960. Today at 11:46 AM.
Moreover, a continued equity rout in China, the world’s 2nd-largest oil consumer, threatened to spread to other parts of the country’s economy, not boding well for the fuel’s demand prospects, weighing on prices.
After registering nearly a 10 per-cent combined gain in the past two trading sessions, China’s benchmark index, the Shanghai Composite, skid by over 1 per-cent on Monday amid speculation that the government may end its intervention to prop up stock markets.
At the MCX, September 2015 contract for Crude oil futures, is trading at Rs 2,986 per barrel, down by 0.63 per-cent, after opening at Rs 2,993, against the previous close price of 3,005. It reached an intraday low of Rs 2,960. Today at 11:46 AM.
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