Mcx crude tips - Crude oil futures soared by 2.5 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market amid speculation of a further drop in US oil output after a report showed a third straight weekly decline in the country’s oil rig count, stemming worries over a global supply glut.Baker Hughes reported that the number of rigs drilling for oil fell by 8 to 644 last week.
In the meantime, oil & natural gas projects around USD 1.5 trillion are at risk due to collapse in prices of oil which have halved since last summer, a report by Wood Mackenzie told.
US Federal Reserve officials’ reassurance over the health of the world’s biggest economy bolstered the demand outlook for the fuel. Fed officials signaled that strength in the domestic economy may overshadow worries over slowing global growth.
Traders cast aside a slump in US existing home sales last month, which signaled a slowing US housing recovery. Purchases of previously owned homes plunged 4.8 per cent to a 5.31 million annual pace in August.
Oil may expand gains today as faster gains in a China's top index eases worries over a steady in the world’s 2nd highest economy, lifting the demand outlook for the fuel.
At the MCX, September 2015 contract, for Crude oil futures closed at Rs 3,043 per barrel, up by 2.5 per-cent, after opening at Rs 2,971, in against with the previous close price of Rs 2,969. It reached an intraday high of 3,053 Rs.
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