Crude Oil Tips: Crude oil prices fell by 1.49 per cent on
Monday on dimmed hopes for demand-led growth as China showed
manufacturing remains in contraction. In China the semi-official
manufacturing PMI for January reached 49.4, missing the 49.6 level seen
and remaining in contraction and the Caixin Manufacturing PMI index came
in at 48.4, a bit above the expected 48.0.
At the MCX, crude oil futures for February 2016 contract were trading at
Rs. 2,252 per barrel, down by 1.49 per cent, after opening at Rs. 2,276
against the previous closing price of Rs. 2,286. It touched the
intra-day low of Rs. 2,246 till the trading. (At 12.00 PM today).
Losses were curbed amid speculation OPEC and non-OPEC producers may be
edging closer to a deal to cut production in an effort to tackle one of
the biggest supply gluts in decades.
Investors will be awaiting a flurry of survey data on manufacturing and
service sector growth amid concerns over the outlook for the global
economy.
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