Mcx crude tips - Crude oil prices rose by 1.15 per cent on today after activity in Japan's services sector extended at the fastest pace in almost 2 years in August month as companies turned more optimistic on business conditions in a sign the economy may be tumbling back which increased the demand outlook for the fuel. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.7 from 51.2 in July to reached high since October 2013. At the MCX, September 2015 contract for crude oil futures were trading at Rs. 3,069 per barrel, up by 1.15 per cent, after opening at Rs. 3,048 against its previous closing price of Rs. 3,034. It reached the intra-day high of Rs. 3,080 till the trading. At 11:56 am today.
However, gains were limited after US crude oil inventories rose more-than-expected last month indicating that the requirement for the commodity in US, world’s biggest consumer of crude oil is weak. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 4.667M, from -5.452M in the previous month.
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