Mcx crude tips : Today, prices of Oil rose in early Asian trading after US(United States) drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data to be published following the one-week National Holiday.
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| Mcx crude tips & calls |
US(United States) drillers removed nine oil rigs in the week ended Oct. 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc said late on Friday previous week.
That total was the least since July month, 2010. Drillers had cut a total of 61 rigs over the prior 5 weeks. Since hitting an all-time high of 1,609 during this week a year ago, weekly rig count reductions have averaged 20.
"There is another fall in the US(United States) oil rig count helped support WTI price (but) the focus will be on the release of China's trade data, which will signal whether low prices have kept import demand high," ANZ told bank.
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