Petroleum: Crude oil futures down by 1.03 % in Noon

Crude oil futures fall by more than 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as US dollar strengthened after US Fed’s interest rate hike verdict.

At the MCX, for December 2016 crude oil futures contract is trading at Rs 3,451 per barrel, downward by 1.03 per cent, after opening at Rs 3,482, against a last close of Rs 3,487. It touched the intra-day lower of Rs 3,447.

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Commodity Watch: Crude oil dips as OPEC output soars

The Futures of Crude oil closed low in the domestic market on Monday as an increase in the number of rigs actively drilling for oil in the U.S. and soaring crude output from prime producers pushed prices in to low levels.

Ahead this week, the market will eye for the weekly U.S. crude inventories & production data to be released on Wednesday. China will also release its monthly crude production & throughput data on the same day.

At the MCX, crude oil futures for October 2016 contract closed at Rs 3327 per barrel, downward by 0.36 per cent, after opening at Rs 3356, against a last close of Rs 3339. It touched the intra-day lower of Rs 3306.

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Today Crude Oil low on profit booking

Crude oil futures tanked 1 % during morning trade in the domestic market on Friday as investors & speculators resorted to profit taking in the energy commodity after stellar gains in the last session when the OPEC announced a cut in output for the first time in eight years.

The OPEC, a cartel which accounts for about 40 % of global crude supplies, at an informal meet in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day, easing worries over a global supply glut, and spurring an over 4.4 % rally in domestic crude futures on Thursday.

At the MCX, crude oil futures for October 2016 contract is trading at Rs 3,172 per barrel, downward by 1 %, after opening at Rs 3,190, against a previous close of Rs 3,204. It touched the intra-day low of Rs 3,172.

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Fed meet: Today Oil prices up ahead of US stockpiles data

Oil prices up in Asia today as traders wait for the release of US energy stockpiles data and a US central bank decision on interest rates. 

During two years the first crude shipment from Libya had no immediate impact on prices a week before OPEC producers & Russia meeting in Algeria to discuss modes to stabilise prices.

At around 0240 GMT, the US benchmark West Texas Intermediary for November delivery, a new contract, was 77 cents high at USD 44.82 & Brent for November was up 59 cents at USD 46.47.

On Tuesday an oil tanker left the Libyan port of Ras Lanouf for Italy, in the first shipment for late 2014 when fighting erupted over control of the "oil crescent", an official said in Tripoli.

Most analysts, though, expect officials to keep borrowing costs at ongoing levels.

We expect the (policy board) to keep rates stable this meet, Singapore's United Overseas Bank said in a note.

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