Tuesday, July 14, 2015

Crude oil prices notched up handsome gains in the domestic market

Mcx Commodity Tips : Crude oil prices notched up handsome gains in the domestic market on Monday as traders gave thumbs up to the Greek debt deal, easing worries over energy demand in the 19-member Euro area. Greece reached an agreement with its creditors to secure new rescue aid, eliminating any threat of the debt-strapped nation being pushed out of the euro. Prime Minister Alexis Tsipras submitted to creditors’ demands for streamlining value added taxes, broadening the tax base to boost revenue and limiting pension costs, paving way for new European bailout aid worth 86 billion euro, helping the cash-strapped nation to remain a part of the single currency union. However, speculation that an Iran nuclear deal may exasperate a global crude supply glut as the West gradually lifts sanctions on the Islamic nation, kept oil price gains in check. Officials from Iran and the West were said to be nearing a landmark deal on Iran’s disputed nuclear program that may help Iran double its crude shipments. Meanwhile, OPEC, which accounts for about 40 per cent of global crude supplies, cut the demand forecast for its crude by 100,000 barrels per day to 29.2 million barrels per day in 2015 while raising its forecast for non-OPEC supply growth by 180,000 barrels per day to 860,000 barrels per day. The OPEC expects world oil demand to grow 1.28 million barrels per day in 2015, an increase of 100,000 barrels per day from its previous forecast. Oil may trade on a subdued note today amid ongoing talks between Iran and the West and caution ahead of US retail sales data. At the MCX, Crude oil futures, for the July 2015 contract, closed at Rs 3,350 per barrel, up by 0.57 per cent, after opening at Rs 3,316, against the previous close price of Rs 3,331. It touched an intraday high of Rs 3,379.


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