Free MCX Tips: Crude oil prices closed lower in the national market on Tuesday after US API weekly crude stocks rose more-than-expected previous week indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak. In a report, American Petroleum Institute said that US API Weekly Crude Stock rose to 4.100M, from 7.100M in the preceding week. Analysts had expected US API Weekly Crude Stock to rise 3.000M last week. Sentiment weakened further after US consumer confidence deteriorated to a three-month low in October, dampening optimism over the health of the economy and dimming the case for a US interest rate hike this year which further reduced the demand for the metal. The Conference Board, a market research group, said its index of user confidence fell to 97.6 this month from a reading of 102.6 in September, whose figure was revised from a last reported 103.0. At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 2,818 per barrel, down by 2.05per cent, after opening at Rs 2,873, against the previous close price of Rs 2,877. It touched an intraday low of Rs 2,792.
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