Mcx crude tips for today : Prices of Crude oil terminated higher in the native market on yesterday as investors eyed a drop in US stocks. The American Petroleum Institute's weekly inventory report showed a drop of 1.2 million barrels last week for crude signaling that the demand for crude oil in US, world’s largest consumer of the commodity is strong.
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| mcx crude tips |
Moreover, US(United States) crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling that the demand for the commodity in US(United States), world’s biggest consumer of crude oil is weak. In a report, Energy Information Administration said that US(United States) Crude Oil Inventories rose to a seasonally adjusted annual rate of 3.073M, from 3.955M in the preceding month.
Gains were also limited after German industrial outcome posted its steepest drop in a year in August month, suggesting Europe's highest economy may be losing momentum just as an emissions scandal at Volkswagen casts a cloud over manufacturing.
Crude oil futures, for the October 2015 contract, closed at Rs 3,162 per barrel, up by 0.80 per cent, after opening at Rs 3,167, in against to the last closing price of Rs 3,137. It reached an intraday high of Rs 3,251.
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