Mcx Commodity Tips : Extending a freefall, crude oil shed nearly 1 per cent in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity as a surprise rise in US oil storage last week threatened to exacerbate a global supply glut. Crude oil stockpiles in the US climbed by 384,000 barrels to 465.8 million barrels in the week ended July 3, 2015, the EIA said, in contrast to analysts’ estimates for a drop of 700,000 barrels. Total US oil supplies are at the highest level in at least 80 years. Supplies at Cushing, the biggest US oil storage hub, climbed by 223,000 barrels last week, the report added. Meanwhile, the deepening stock market rout in China, the world’s second biggest energy consumer and fears over Greece exiting the euro forced a flight away from risky assets. China’s stocks sank nearly 6 per cent on Wednesday as traders unwind margin bets at a high record rate, eroding as much as USD 3.5 trillion of value from the country’s equities. Further, Greece has been handed out a Thursday deadline by European leaders to submit fresh economic reform measures including spending cuts to press for a new bailout and remain in the euro. Adding to Oil’s woes, the Federal Reserve in the minutes of its latest policy meet in June warned of the potential risks to the US economy from the turmoil in Greece and China. Oil may extend losses today as burgeoning US crude oil supplies raise bets that the oil market remains oversupplied. At the MCX, Crude oil futures, for the July 2015 contract, closed at Rs 3,276 per barrel, down by 0.91 per cent, after opening at Rs 3,296, against the last close price of Rs 3,306. It touched an intraday low of Rs 3,245.
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