Crude Oil
Oil prices declined by 4.2 percent on Thursday to close at $57/bbl. Pulling crude futures off highs was the latest data on the U.S. oil rig count from Baker Hughes. The firm said the number of rigs drilling for oil rose by 12 this week, the first rise since December.
But with the Greek debt crisis unresolved and Iran nuclear talks ongoing, coupled with Friday's Fourth of July holiday making for a longer-than-usual weekend, some caution prevailed, limiting the rally.
On the MCX, oil prices declined by 0.2 percent to close at Rs.3641/bbl.
Natural gas
On Thursday, Natural gas prices on the NYMEX rose by 1.51 percent while MCX gas prices rose by 2.03 percent as inventories rose less than market expectations.
Outlook
On an intraday basis, we expect oil prices to trade lower as the Greek debt crisis continues to bother all the commodity markets. Iran nuclear talks, declining oil rigs are couple of other factors which will have a close bearing on oil prices.
On the MCX, oil prices are expected to trade sideways today.
Contributed by Angel Broking
Sections
Categories