Market News For Crude Oil 4 March 2015

Market News: Crude oil futures closed lower in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity after US crude oil supplies increased last week, signaling weakening desired for the fuel in the world’s largest oil consumer. US crude stockpiles climbed 2.9 million barrels last week, the API said. However, an attack on Libya’s largest oil port, Es Sider, raised fears over stronger supplies from Africa’s largest holder of oil reserves, cutting losses in the fuel. Meanwhile, the US vowed not to waver in talks with Iran as it awakes pressured on the Islamic nation to restrain its long-debated nuclear program. Meanwhile, Saudi Arabia, the world’s biggest oil exporter, boosted the prices of its crude to its Asian buyers with the most in three years as desired improved, supporting oil futures. Oil may fall today ahead of EIA data which may show a rise up in US stockpiles last week, threatening to boom a global oversupply.

At the MCX, Crude oil futures, for the March 2015 contract, ended at Rs 3,138/barrel, upward by 0.35 %, after opening at Rs 3,134, against the last close price of Rs 3,149. It touched an intraday maximum of Rs 3,155 till the ending.

Mustard seed prices ended bigger by 2.25 % on Tuesday at the National Commodity & Derivatives Exchange Limited as a result of the decreased in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for April 2015 contract ended at Rs. 3,300/quintal, upward by 2.25 %, after opening at Rs. 3,250 against the last ending price of Rs. 3,376. It touched the intra-day maximum of Rs. 3,395.