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Oil Lower As US Rig Count Rises

by Ripples Advisory Private Limited - 6:34 pm

Crude oil futures fell during noon trade in the domestic market on Monday as investors and speculators exited positions in the energy commodity as a fifth straight weekly rise in US oil rig count signaled higher production in the coming months, exacerbating fears over a global supply glut. Industry-research firm Baker Hughes said that the number of rigs drilling for oil in the US rose by 3 to 374 last week.

Meanwhile, a smaller than expected gain in US GDP in Q2 dimmed the demand outlook for the fuel in the world’s biggest economy which grew at an annualized pace of 1.2 % in the April-June 2016 quarter, following a 0.8% advance in Q1.

At the MCX, crude oil futures for August 2016 contract is trading at Rs 2,777 per barrel, down by 0.18 per cent, after opening at Rs 2,794, against a previous close of Rs 2,782. It touched the intra-day low of Rs 2,774.

Trading Ideas:

Crudeoil trading range for the day is 2705-2831.
Crude oil prices gained supported by some short-covering but bringing the monthly decline to nearly 15 percent fuelled by a persistent global supply glut.
OPEC's oil output is likely in July to reach its highest in recent history, a survey showed, as Iraq pumps more and Nigeria manages to export additional crude.
Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as it meets seasonally higher domestic demand.

- See more at: http://www.investmentguruindia.com/CommoditiesReports/Gold-trading-range-for-the-day-is-31130-31854---Kedia#sthash.mu6RAnrt.dpuf

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