FREE MCX TIPS | Oil little changed as supply glut fears weigh

FREE MCX TIPS | Crude oil futures were trading on a flat note, with a positive bias during late morning trade in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the energy commodity as the OPEC’s decision on Friday to keep production at continued high levels in a bid to protect market share threatened to worsen a supply glut.

Oil has tanked nearly 10 per cent in the domestic market over the past two sessions, while plummeting to a seven-year low in the overseas market.

However, a pickup in Chinese oil demand supported the fuel as China’s crude imports climbed 7.6 per cent, year on year in November 2015, while surging 8.7 per cent to 6.61 million barrels per day in the first eleven months of the year.

At the MCX, Crude oil futures, for the December 2015 contract, is trading at Rs 2,531 per barrel, up by 0.08 per cent, after opening at 2,535, against the previous close price of Rs 2,529. It touched an intraday high of Rs 2,537. (At 11:39 AM).