Crude Oil
On Monday, WTI oil prices declined by 1.5 percent to close at $46.1 per ounce hit by weaker Chinese equities and record North Sea crude production data that added to global oversupply concerns.
China's main indexes closed down on Monday as investors sold shares in the aftermath of a four-day market holiday, during which further restrictions on futures trading were announced.
On the MCX, oil prices declined by 5.2 percent to close at Rs.2948 per barrel.
Natural gas
MCX gas prices declined marginally by 0.28 percent to close at Rs.177.90 per MMbtu as inventories are expected to rise this week also creating downside pressure.
Outlook
On an intraday basis, we expect the bearish sentiment to drive oil prices lower as fundamentals of supply and demand remain weak for the commodity.
On the MCX, oil prices are expected to trade lower today.
Contributed by Angel Broking
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