Mcx crude tips : Crude oil futures ended lower in the native market on yesterday after number of people who filed for unemployment assistance in the US rose last week, holding close to the lowest level in 42 years indicating a weak labor market in US(United States), world’s biggest consumer of crude oil which reduced the demand outlook for the fuel. The US(United States) Department of Labor said the number of individuals filing for initial jobless benefits in the week ending 17th October increased by 3,000 to a seasonally adjusted 259,000 from the previous week’s total of 256,000. Sentiment weakened further after US crude oil inventories rose more-than-expected last month.
In a report, Energy Information Administration told that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.028M, from 7.562M in the preceding month. At the MCX, November 2015 contract for Crude oil futures, closed at Rs 2,951 per barrel, down by 0.71 per-cent, after opening at Rs 2,983, in comparison to the previous close price of Rs 2,972. It reached an intraday low of Rs 2,943.
In a report, Energy Information Administration told that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 8.028M, from 7.562M in the preceding month. At the MCX, November 2015 contract for Crude oil futures, closed at Rs 2,951 per barrel, down by 0.71 per-cent, after opening at Rs 2,983, in comparison to the previous close price of Rs 2,972. It reached an intraday low of Rs 2,943.
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