Free MCX Tips: Oil prices slid by more than 1.5 per cent in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market after a supply bump in the US exacerbated concerns over a global supply glut.
US crude oil supplies climbed by 7.6 million barrels to 468.6 million barrels last week, the most in at least 80 years as refinery utilization fell to 86 per cent of capacity, from 87.5 per cent a week ago, the EIA said.
But, US crude production fell 76,000 barrels per day to 9.1 million barrels per day last week. The industry-funded API said that US crude stockpiles jumped by 9.3 million barrels last week.
Meanwhile, traders weighed mixed economic data from the US as jobless claims fell last week while manufacturing continued to struggle, clouding the demand outlook for oil in the world’s biggest economy.
The number of Americans seeking unemployment insurance benefits fell by 7,000 to 255,000 last week, signaling a pickup in the US job market recovery.
The gauge measuring manufacturing activity in the New York region stood at -11.4 in October, remaining below the neutral ‘0’ mark.
Oil may script a slight rebound today as the sharp losses in recent sessions offer a good bargain buying opportunity in the fuel to investors, at existing levels.
At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 2,986 per barrel, down by 1.58 per cent, after opening at Rs 3,030, against the previous close price of Rs 3,034. It touched an intraday low of Rs 2,936.
US crude oil supplies climbed by 7.6 million barrels to 468.6 million barrels last week, the most in at least 80 years as refinery utilization fell to 86 per cent of capacity, from 87.5 per cent a week ago, the EIA said.
But, US crude production fell 76,000 barrels per day to 9.1 million barrels per day last week. The industry-funded API said that US crude stockpiles jumped by 9.3 million barrels last week.
Meanwhile, traders weighed mixed economic data from the US as jobless claims fell last week while manufacturing continued to struggle, clouding the demand outlook for oil in the world’s biggest economy.
The number of Americans seeking unemployment insurance benefits fell by 7,000 to 255,000 last week, signaling a pickup in the US job market recovery.
The gauge measuring manufacturing activity in the New York region stood at -11.4 in October, remaining below the neutral ‘0’ mark.
Oil may script a slight rebound today as the sharp losses in recent sessions offer a good bargain buying opportunity in the fuel to investors, at existing levels.
At the MCX, Crude oil futures, for the October 2015 contract, closed at Rs 2,986 per barrel, down by 1.58 per cent, after opening at Rs 3,030, against the previous close price of Rs 3,034. It touched an intraday low of Rs 2,936.
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