Commodity Updates For 23 February 2015

mcx commodity tips

Crude oil futures closed lower in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid speculation that the reduced in oil output may not last long enough to regain a balance to the crude market which is wrestle with burgeoning supplies. US rig count slide by the least in seven weeks, decreasing 37 - 1,019 in the week closed 20 February. Investors looked past durable US manufacturing data which showed an increase up in the world’s largest economy, supporting the desired outlook for the fuel. The gauge measuring US manufacturing increased to 54.3 in February from 53.9 in the last month, with a reading above 50 signaling expansion. Oil may extend losses today after Libya, the holder of Africa’s largest oil reserves, continue a crude pipeline after a fire while Oman said that it intends to up production by as much as possible, widening a global supply surplus. Crude oil futures, for the March 2015 contract, ended at Rs 3,215/barrel, downward by 0.96 %, after opening at Rs 3,270, against the last close price of Rs 3,246. It touched an intraday low-lying of Rs 3,200 till the ending.